AIG, foreign insurers lose market share in Shanghai

Reuters, 20 Nov 2008, Samuel Shen

SHANGHAI (Reuters) - Foreign life insurers' market share in Shanghai, China's commercial hub and a key market, declined for a third month in a row in October as troubles at overseas firms such as AIG dented consumer confidence.

Analysts also blamed the lower market share, which has almost halved from a year earlier, on China's slumping stock markets, which reduced consumers' appetite for investment-linked products offered by foreign firms, and on new restrictions on insurers selling policies through bank outlets.

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