China's $50 Billion Opportunity for Auto Insurers

Foreign companies get access to the nation’s auto market
Two security guards stand outside a Porsche dealership in Hangzhou, China Photograph by Hong Wu/Getty Images

On a recent two-week trip, Kevin Goulding, head of Chartis China, American International Group’s Shanghai-based property-casualty business, scouted four regions where his company is considering opening its next branch as he prepares to sell car coverage for the first time. The combined population of these cities and provinces: 500 million. It’s that kind of number that delights the foreign insurers eyeing China’s $50 billion auto coverage business. “It’s an extremely large market and will also allow us to offer other products to consumers,” Goulding says.

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