WASHINGTON, D.C., April 9, 2014 - Stephen Simchak, director of international affairs for the American Insurance Association (AIA), today submitted comments on behalf of AIA to the Office of the U.S. Trade Representative (USTR) and the U.S. Department of Commerce in preparation for the 2014 U.S.-China Joint Commission on Commerce and Trade. AIA`s comments emphasize the immense potential of China`s market to U.S. property-casualty insurers while underscoring that a developed insurance sector will benefit China`s growing economy.
A brief statement by Mr. Simchak follows.
"China remains a very important market for U.S. property-casualty insurers who can offer the experience and know-how to develop a first-rate insurance system. U.S. insurers offer specialized innovative products and global networks that can meet the demands of China`s evolving insurance needs.
"China`s insurance sector is not as developed and efficient as it could be, to the detriment of insurers and consumers alike. Dynamic and diverse insurance markets feature strong competition. Higher economic growth is driven by competition and consumer choice. These key elements are either missing or poorly developed in China.
"A developed insurance sector would have a stabilizing impact on China.
"AIA appreciates the work of the Office of the U.S. Trade Representative and the Department of Commerce on the U.S.-China Insurance Dialogue, part of the U.S.-China Joint Commission on Commerce and Trade. We look forward to continuing to work with them in the months ahead."
A copy of AIA`s written comments may be found at www.aiadc.org.
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Source: American Insurance Association via GlobeNewswire