The Association of British Insurers (ABI) said the UK insurance industry sees China and India as its top non-EU markets after Brexit and hopes bilateral trade agreements will ensure the two countries relax restrictions on foreign ownership. The ABI said it will provide a "template" to the UK Treasury and the Department for International Trade for handling financial services that may be included in trade agreements.

The ABI's proposals include relaxing rules on foreign ownership, easing regulation of data transfers and including pension and savings products in trade agreements. The EU currently has no trade agreements with China or India. Foreign companies currently cannot obtain controlling stakes in insurers in either country, although China has said it plans to relax the relevant rules. Major British insurers, such as Prudential and Standard Life, have established joint ventures in China and India.

Source: China Daily website 2018-02-22