Western insurance bosses like to talk up the vast potential for growth in China.
Prudential’s head of Asia says China will be its “fastest-growing market . . . for many years to come”. The chief executive of Allianz hails a “strategic market”.
Given the sheer size of China’s population and the relatively low proportion of people who have insurance, the excitement is understandable. For example, only 114m Chinese people have life insurance out of a population of 1.4bn.
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