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Inheriting China's Pre-Revolution Insurance Industry The opening of China to the West in the early years of the 20th century led to a variety of new business opportunities. By the end of World War I, China, and especially Shanghai, had become a major center for international trade, although dominated by foreign interests. The lively commercial market in that city offered entrepreneurs seemingly unlimited potential; among these was the young C.V. Starr, an American, who founded an insurance agent's office in Shanghai in 1919. At first, Starr's company, American Asiatic Underwriters (AAU), served as a local representative for foreign insurers.

AAU originally dealt in fire and marine insurance policies. In the early 1920s, however, Starr recognized the vast potential for life insurance among the country's Chinese population. Starr set up a new company, Asia Life Insurance Company, which became the first to market life insurance products to the Chinese. The company's head start allowed it to build quickly into a leading insurance provider not only across the Chinese mainland, but throughout much of the Asian region. Starr's company eventually evolved into U.S. leader American Insurance Group. In the meantime, Asia Life's success inspired a raft of competitors. Most of these were local representatives of large foreign companies. A number of local groups appeared, however, and played an important role in developing the life insurance market among the indigenous population.

One of the earliest and most important of these companies was the Tai Ping Insurance Company, which was incorporated in Shanghai in 1929. Founded by Mr. H.N. Ting (Ting Hsieh Nung) with the help from the Chin Chen Bank Shanghai, the new company received start-up investments from a number of Chinese banks and began issuing general insurance policies. The following year, Tai Ping added a life insurance component, Tai Ping Life Insurance Company. Tai Ping developed strongly through the 1930s, adding nearly 20 branches in major cities in China as well as elsewhere in southeast Asia. The company also opened some 400 secondary offices across the Chinese mainland, before adding representative offices in Europe and in the Americas.

By the mid-1930s, Tai Ping had grown sufficiently large to become a member of the Shanghai Insurance Association, the only Chinese-owned company to be included in what had previously been an exclusive club for foreign insurers. Tai Ping's fortunes began to dwindle after the start of the Sino-Japanese War in 1937, and especially with the Mao-led Communist revolution in 1949.

Tai Ping in the meantime had been joined by a growing number of other Chinese-owned insurance companies. Among these were China Insurance Company, founded in 1931 in Shanghai, which opened a life insurance subsidiary, China Life Insurance Company in 1933. Later insurance market entries included Ming An Insurance Company, established in Hong Kong in 1949. By then, China boasted more than 240 insurance companies—some 180 of which were Chinese owned.

Following the revolution, the Mao government set up the People's Insurance Company of China (PICC), which took over all insurance interests on the mainland. Tai Ping's leadership fled to Taiwan in 1950, reestablishing the company's operations there. Other companies, especially those that had set up foreign branches in Hong Kong, Singapore, Taiwan, Saigon and elsewhere, withdrew from the mainland to rebuild their businesses around their foreign holdings. Foreign insurance companies were simply expelled outright, and their holdings regrouped under PICC as well.

At first the PICC monopoly continued to operate its various insurance services, integrating the assets of the former independent insurance sector. By 1952, PICC represented a national network of 1,300 branches and 3,000 agency outlets. Yet the Chinese government, in its effort to develop its regime, determined that insurance was superfluous in a state where the government was meant to provide for all social welfare for its citizens. In 1959, therefore, all domestic insurance business was ended. PICC's role was reduced to providing insurance covering the country's foreign policy needs, such as for the marine and aviation sectors. Following the reform, PICC was converted into a department of the government's central bank.
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