China to open up auto insurance market
During a meeting with US Vice-President Joe Biden on Tuesday , Chinese Vice-President Xi Jinping said China would open up the third party liability auto insurance market to foreign companies , a move industry experts said would help boost foreign non-life insurers ' market share and improve local insurers ' products and services .
Ping An Insurance, China's second largest insurer by premium, has set the pricing details for maximum 1.2 billion new shares and no more than RMB 41.2 billion worth of convertible bonds which are to be traded on the Shanghai Stock Exchange, said the insurer on Monday.