WASHINGTON–Insurance interests and the American government are making diplomatic efforts to resolve continuing roadblocks hampering expansion of U.S. insurance companies in China, a trade group representative said.
David Snyder, vice president and assistant general counsel for the American Insurance Association, said that China has one of the top markets for insurers in the world, with double digit annual growth for the past few years that is expected to continue.
Overall, he said, the country has made “significant progress” in modernizing and opening its insurance market. “It's a spectacular potential market,” he added, “and our companies remain committed to that market” and to the development of the insurance industry in China.
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