Published: 5:55pm, 25 Nov, 2018 Updated: 10:58pm, 25 Nov, 2018
The China Banking and Insurance Regulatory Commission has given German insurer Allianz approval to set up the first wholly foreign-owned insurance holding company operating in the country. Last year, China stated that a 51% cap on foreign ownership at insurance firms would be in place for annually. Allianz's announcement demonstrates this restriction has been lifted earlier than expected. China is the world's fastest-growing insurance market. The lifting of restrictions will allow foreign companies to compete with domestic insurers in a sector where premiums are expected to rise 14% the next five years.