The American College’s Alumni Association with more than 150,000 members worldwide. Significance of the Life Insurance Industry in ChinaThe life insurance industry in China is rapidly evolving and growing. As of 1989, the total gross written premium was RMB 9.8 billion (US $1.2 billion). By year 2000, the figure had increased to RMB 159.6 billion (US $20 billion), which was more than 15 times the gross written premium underwritten in 1989. The life insurance industry has become extremely competitive where companies are fighting for market share.

May 2002, there were 6 domestic insurers and 12 foreign insurers in China. With the exception of American International Group, which is exempted from restriction on full ownership by foreign insurers, all other foreign companies have entered joint ventures with a Chinese partner in the form of 49/51, 50/50, or even 51/49, according to the International Risk Management Institute. Most of the domestic insurers are authorized as national insurers who can conduct business on a nationwide basis.

The inception of The American College’s designation programs in China will facilitate the growth of the insurance industry and will help to create qualified and successful financial advisors in that region. Need for Trained Life Insurance ProfessionalsOne of the issues facing the financial services industry in China is the lack of sufficient sales and product knowledge held by local agents and their support staff and the lack of high-quality training opportunities to improve the situation.

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