In the United States at a minimum a business can be started within five days while in China it takes 48 days and in India 71 days according to Phillip Gawthorpe, managing director at Aon. Also in the U.S. there are only 5 procedures to wade through to begin a business while in China there are 13 and India 11.
When it comes to insurance coverage in China and India they are a world apart from the states. According to Jennifer Chuang, relationship manager for Aon, “Nonadmitted carriers are not permitted to write in the two nations, but as members of the World Trade Organizations, both are required to liberalize their insurance markets.”
China and India also deal with risk in a different manner. Instead of managing risk most entities prefer to transfer the risk and the focus during the purchasing process is less on terms and conditions and more directed toward price.
Sounds like the insurers with the least expensive deal are going to win out in China and India.
