China's economic slowdown may lead to reduced premium income for the region's non-life insurance market, according to a senior industry figure.
Sun Jianping, CEO of Ping An Property & Casualty Insurance Company, made the comment to online publication China Daily, but said he still believed the firm's market share would grow this year.
According to the Ping An Insurance annual report, the non-life insurance unit received ¥83.7bn ($13.3bin) last year, up 33.9% year on year.
Net profit grew 28.8% year on year to ¥3.86bn in 2011. In addition, the firm's market share climbed to 17.4%, making it the second-largest player in China's non-life insurance market.
Sun said that the growth in premium income and market share has boosted the company's already strong efforts to improve service for clients.
Ping An recently improved its claim service, for example, by shortening the payment period and simplifying the list of materials required.
China will let foreign companies compete in its market for compulsory third-party liability automobile insurance, but the move is not likely to change the market format, Sun told China Daily.
"It is a win-win move for local and international insurers, as it will help improve local insurers' products and services," he said.
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