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8 September 2017 By Christopher Beddor Follow @cbeddor

The industry watchdog in Beijing is hinting it will further open the market for foreign firms like Chubb and Manulife. China’s market has long under-delivered for global insurers. After a recent shakeup of both the regulatory regime and business, this time may be different.

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China Insurance Regulatory Commission Vice Chairman Chen Wenhui met with representatives from 10 foreign insurance firms on Sept. 5, according to a statement posted to the regulator’s website the following day. Chen said regulators will further open China’s insurance market to foreign firms to benefit consumers, heighten competition and prevent risk.

He also encouraged the foreign insurers to expand in areas of the industry such as healthcare, pension and disaster insurance. Chen noted that the combined market share of foreign insurance firms in China stood at more than 5 percent as of the end of 2016.

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