The number of cars in China will double during the next five years, according to AXA
AXA said in April it was buying 50% of Shanghai-based Tian Ping Auto Insurance for 485 million making it the number one general insurance player among foreigners in China.
Tian Ping was set up in 2004 and is already profitable. Its major focus is motor insurance.
“We believe there is massive potential in the China retail insurance market, particularly in the direct distribution of motor insurance,” Francois-Valery Lecomte, AXA Asia’s chief financial...