PwC: Tough times for foreign insurers in China

SHANGHAI: Foreign insurers are less optimistic than a year ago on expanding their presence in the Chinese market as regulatory restrictions and the robust expansion of domestic peers may stifle growth, according to a recent survey by accounting firm PricewaterhouseCoopers (PwC).

Foreign insurers expect their share in the Chinese life insurance market to grow to just 8 percent over the next three years, compared with the 10 percent market share they forecast in a year ago survey.

Foreign life insurers saw their market share falling after clocking an all time-high of 8.9 percent in 2005. The share slumped to 4.7 percent in the first six months of the year.