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China's State Council said in a circular that the country's insurers can invest their funds overseas to expand their investment horizons.

 

"It is an important move and will benefit the development of the industry. China doesn't have enough financial products for domestic insurers to invest," Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC), told Xinhua.

 

The circular, entitled the Ten Suggestions on the Reform and Development of the Insurance Industry of the State Council, says that insurers are encouraged to directly or indirectly invest in the capital market with the investment proportion increased step by step, to invest in more types of securities products, to invest in real estate and venture capital on a trial basis and to purchase shares in commercial banks.

 

"There has been no official document of the central government relating to the insurance industry for 20 years. This document will play a major role in making the industry to make a breakthrough," said Hao Yansu, director of the insurance department in the elite Central University of Finance and Economics.

 

Official figures show that the total assets of China's insurance industry has topped 1.6 trillion yuan (US$200 billion).

 

To improve their investment earnings, insurers were given the go-ahead to channel 5 percent to 10 percent of their combined yuan-denomination equity funds into overseas markets in April this year.

 

The cap is expected to rise to 15 percent, Wu said.

 

Introducing foreign insurers no threat to China's insurance market

 

The continued introduction of foreign insurers poses no threat to China's insurers and will not harm the insurance market, said Wu.

 

Wu said, "We have withstood the test of opening the sector to foreign businesses and have safeguarded the security of the country's insurance markets".

 

China has 41 foreign insurers which have gained a 6.7 percent market share. Of the 46 insurers listed in the top 500 companies of Fortune magazine, 27 have set up operations in China.

 

Foreign insurers are allowed to provide insurance services in any region of China and can do any type of business except those involving compulsory insurance programs.

 

Wu noted foreign players are pushing forward the development of the country's insurance industry as they have what Chinese insurance market most needs such as advanced operation procedures and management.

 

"We will make efforts to encourage foreign players to operate in our weak areas such as agriculture insurance, pension and health insurance", Wu said.

 

(Xinhua News Agency June 28, 2006)