Declarations

China

“If China opens the market, I don’t expect to see a big impact in the short term. It takes time for foreign insurers to steal market share from big players like PICC or Ping An.”

—Zeng Sufen, an analyst at Industrial Securities Co., said following an announcement that China, the world’s largest auto market, is likely to open its mandatory auto insurance market to foreign companies next year. Currently, 19 foreign property and casualty insurance companies operate in China, including Tokio Marine & Nichido Fire Insurance Co., Chubb and RSA Insurance Group.

Persistency

“I think it’s a populist issue that will probably be resolved earlier rather than later.”

—Campaign Consultant Terry McHale said he believes a portable persistency initiative supported by the American Agents Alliance will prove to be popular with voters and be a clear front-runner over a competing initiative, both of which would essentially expand California’s Proposition 103.

No on Yes

“I’m voting ‘no’ for the same reason I vote ‘yes’ on things like individual rights.”

—Bozeman, Mont., Mayor Jeff Krauss, who cast the lone dissenting vote in Bozeman City Commission’s 4-1 decision to adopt an ordinance that would prohibit the use of hand-held electronic devices while driving or bicycling within city limits.

No Flood Lapse

“We are pleased that Congress was able to avert another lapse in the flood program.”

—Tom Litjen, vice president of federal government relations for Property Casualty Insurers Association of America (PCI), following Congress’ approval of yet another resolution to fund parts of the federal government, including the nation’s flood insurance program on a short-term basis. This time the funding runs until Dec. 16.

Topics China