In addition to steadily increasing demand, two major supply-side trends have encouraged the development of the industry: (1) under the World Trade Organization (WTO) framework, the Chinese government lowered entry barriers to foreign insurers, allowing them to establish joint-venture insurance firms in China; and (2) domestic insurers strengthened themselves through initial public offerings and other market developments.
In December 2011, New China Life began a second wave of IPOs for smaller tier 2 insurers.
At present, the gross assets of China Life Insurance have outnumbered RMB 1 trillion.
The Association speaks out on issues of common interest; helps to inform and participate in debates on public policy issues; and also acts as an advocate for high standards of customer service in the insurance industry.
The IIC is the nationwide academic association for research and policy analysis in insurance industry.