Though regulations are skewed against foreign insurers, Mr Binder believes they can still succeed in China if they correct some of their own mistakes.
For example, they could do a better job of nurturing local talent and adapting foreign business models to local conditions—two areas where they have conspicuously failed in the past. He points to South Korea, where foreign insurers lost money on a queered pitch for over a decade, but are now raking in handsome profits.