Published: 5:55pm, 25 Nov, 2018 Updated: 10:58pm, 25 Nov, 2018
The Financial Banking and Insurance Regulatory Commission has given German insurer Allianz permission 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 the next five years . Allianz 's report demonstrates this restriction has been lifted earlier than anticipated . 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 exceed 14 % annually .