Officials of the American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) are describing as “significant” the outcome of China-U.S. trade-related insurance talks.

David F. Snyder, AIA vice president and associate general counsel, says that through the Economic Track of the U.S.-China Strategic and Economic Dialogue, China has agreed to open up its Mandatory Third Party Liability (MTPL) auto-insurance market to foreign insurance companies.

“This development will bring more choice for Chinese motorists, increasing competition and improving service for consumers in this major global auto market,” Robert Gordon, PCI's senior vice president of policy development and research, says in a statement.

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