China's solid economic growth, increased government spending, heightened consumer awareness and technological innovations are on track to transform the country into the world’s largest insurance market by 2030, according to industry analysts. It is projected to reach US$2.36 trillion, surpassing the United States.
As China's insurance market continues to expand, innovative insurance products have proliferated. Insurance companies were previously state-owned and with industry reform and more open access, capital from private and foreign companies have continued to flow into the domestic insurance market. Following the establishment of the China Banking and Insurance Regulatory Commission, the market has evolved into a much more regulated environment and the demand for experienced lawyers has increased accordingly.
Lawyers from our Insurance practice work with domestic and foreign clients, including insurers, brokers and policyholders to identify and manage insurance-related risks, such as claims, coverage, and related disputes. We also advise insurance and reinsurance companies on dispute resolution. The legal services we offer are aligned with our clients'business and legal objectives and are compliant with current laws and regulations.
Areas or Work
Our Insurance practice services include:
- Assisting clients in forming or acquiring insurance companies
- Assisting clients in setting up insurance brokerages and insurance agencies
- Providing legal and compliance advice on insurance terms
- Providing legal and compliance advice on insurance operations, such as legal advice relating to new insurance products
- Providing legal advice on the use and allocation of insurance funds
Advising and undertaking insurance claims litigation