By Daniel W. Gerber and Richard J. Ahn, Attorneys, Goldberg Segalla LLP
The U.S. insurance industry has undergone significant change which has yet to become fully evolved. In fact, only recently has the Federal Insurance Office issued its report on “How to Modernize and Improve the System of Insurance Regulation in the United States.” Meanwhile, although not immune to the global challenges the insurance industry continues to face, Chinese insurers have continued a tremendous upward trend. The impetus for this push was placed just 30 years ago, well before there were any visions of becoming global financial leaders. Today, two Chinese banks now claim the status of the number one and two biggest public companies in the world. Several of its insurers are not far behind.
The rise of Chinese insurers itself is a relatively new phenomenon. While they have benefited from the successes and failures of others, it has such a unique dynamic that their continued rise will hinge not only on their domestic business practices, but on how well they integrate their globally expanding business in other countries, including participation in and compliance with regulatory standards. Therein lies one of the biggest challenges for the growth of the Chinese insurer.
This commentary by Daniel W. Gerber, co-chair of Goldberg Segalla LLP’s Global Insurance Services Practice Group, and Richard J. Ahn, Special Counsel with Goldberg Segalla involved with firm insurance matters as they concern Asia, discusses the meteoric rise of the Chinese insurance industry, their successes and potential challenges, and the implications of these developements for the global insurance industry and insurance law practitioners.
Daniel W. Gerber serves as co-chair of Goldberg Segalla LLP's Global Insurance Services Practice Group. He maintains an international practice in complex insurance coverage and reinsurance matters.
Richard J. Ahn is Special Counsel with Goldberg Segalla and is involved with firm insurance matters as they concern Asia.
Both authors practice in Goldberg Segalla's Global Insurance Services Group.
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