Insurance - Surprising Number of New Market Entrants in China
Morgan McKinley has launched a series of Global Trends Reports providing market intelligence to professional career movers and business managers. Our latest Insurance Global Trend Report is part of our constant commitment to add value and keep professionals updated.
The report spans three months of qualitative research, gathering anecdotal evidence and feedback from conversations with industry. Our specialist Insurance team in China is keen to discuss the outcomes further and answer any questions you might have.
Our findings indicate that an increase in demand for Insurance professionals in China, with employers recruiting both new and replacement headcount.
Surprising Number of New Market Entrants
The biggest growth area was sales, marketing and distribution, followed by risk and actuarial functions and operations.
We have been surprised by the number of new market entrants, especially joint ventures. Growth might have been even faster were it not for the licensing issue. In China, insurance companies need different licenses to operate in the various sectors. As such, growth and expansion plans are usually hampered by the difficulties in obtaining these licenses – it can be a rather lengthy process,especially for foreign companies.
Our outlook is broadly optimistic. The insurance industry is set to continue its growth in China, especially in life products. “Demographically,the rising middle classes and growing numbers of professionals, managers, executives and technicians (PMETs) will create a higher demand for comprehensive and international life and medical insurance products,” comments one of our Shanghai-based consultants.