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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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China: The Indigenization of Insurance

China: The Indigenization of Insurance

Chapter:
(p.472) Chapter 20 China: The Indigenization of Insurance
Source:
World Insurance
Author(s):

David Faure

Elisabeth Köll

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0020

This chapter traces the history of the Chinese insurance industry. The idea that insurance might be paid for was foreign to China. The concept was introduced in the early nineteenth century by Westerners trading in Guangzhou. Indigenization was a slow process which stretched from the mid-nineteenth century to the mid-twentieth. The establishment of the People's Republic in 1949, with a decided turn against foreign enterprises operating in China from the 1950s, and radical communism from the late 1960s through the 1970s, led to its eradication. It was revived from the reversal of the state's policy towards private business from late 1978, and has grown rapidly since.

Keywords:   Chinese insurance industry, insurance history, insurance policy, private business, communism, People's Republic

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