Within 70 years 80% of consumer spending will be in Asia Pacific and Africa tilting commercial focus from its heavy current focus on nations bordering the North Atlantic.
Today China is the fastest growing insurance market. Allianz, one of the major Global insurers leads the way into head-on competition in China (some debate that AIG was first).
Which other Western insurers have the vision, strategy and focus to follow Allianz?
“The approval for Allianz’s wholly-owned insurance holding company in China came faster than the market expected, as the regulator last year indicated it would only remove the cap on foreign company ownership in mainland China after five years,” said Chan Kin-por, a Hong Kong lawmaker who represents the insurance sector. “This is good news for international players who want to tap the world’s fastest-growing insurance market.”