The emergence of insurance telematics in China will take three to five years, as the China Insurance Regulatory Commission begins to liberalize insurance terms and rates, according to Celent.
China’s telematics services currently include logistics and dispatch management, vehicle security and traffic surveillance. Insurance telematics do not yet exist in China and cannot until some preconditions are met, including compliance with regulatory requirements, the need for insurers to develop market segments and the development of telematics technology, according to “Telematics Opportunities In China’s Insurance Market,” a report from Celent.
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