China’s insurance sector is hit by an array of interesting events lately. With full opening of the insurance sector, not only have joint ventures been formed and new products launched but also enormous capital from insurers into banks and securities. Supported by the China Insurance Regulatory Commission, a new survey on China’s life insurance market showed that while middle and lower income groups compose the main client segment with health insurance, accident insurance and insurance for children the most popular products. The survey also shows local insurance firms need to improve after-sales service, develop better policies on compensation, complaint handling and insurance policy withdrawal. The research was a coordinated effort including various life insurers and supervised by Beijing’s K&D Consulting Company.
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