In the 1980s, foreign insurance companies were allowed to set up representative offices in China. In October 1980, the American International Group (AIG) set up a representative office in Shanghai.

In September 1992, the American International Assurance (AIA) under AIG was approved to set up a branch in Shanghai. It was the first foreign insurance company to conduct business in China after the founding of the People's Republic of China in 1949.

In July 1994, the People's Bank of China approved Japan's Tokyo Marine and Fire Insurance Co., Ltd. to set up a branch in Shanghai.

In 1995, China opened Guangzhou to foreign insurance institutions. In the same year, AIG set up life insurance and property insurance branches there.

In November 1996, the first Sino-foreign joint venture in life insurance - Manulife-Sinoche - was established in Shanghai. Later, more Sino-foreign joint ventures in life insurance, including Pacific-Aetna and Allianz Dazhong, were established.

In April 1999, the China Insurance Regulatory Commission approved four insurance companies to enter into China. Of them, Chubb Group of Insurance Co. of the United States set up a branch in China, while John Hancock Mutual Life Insurance Co. of the United States, Prudential Group of Britain and Sun Life Assurance Co. of Canada set up joint ventures in life insurance.

In July 2000, Assicurazioni Generali SpA of Italy and INGinsurance of the Netherlands obtained business license in China. The same year, the life insurance companies, China Life-Colonial Mutual, CITIC-Prudential and John Hancock Tianan, officially began operation.

In August 2001, branches of Samsung Fire & Marine Insurance of the Republic of Korea and Mitsui Marine and Fire Insurance of Japan went into operation in Shanghai.

In September 2001, eight foreign insurance companies were approved to conduct or expand business in China. Gerling and Allianz of Germany and Zurich Insurance of Switzerland were approved to make preparations for the establishment of property insurance firms. CGNU of Britain, CNP of France and Transamerica Occidental Life of the United States were approved to make preparations for the establishment of joint ventures in life insurance. AXA-Minmetals Assurance Co., Ltd., which had already conducted business in Shanghai, and British Royal & Sun Alliance were approved to set up a branch/subsidiary.

In October 2001, just before China's WTO entry, another eight foreign insurance companies were approved to conduct or expand business in China. St. Paul Fire and Marine Insurance of the United States set up a representative office in Beijing, and AIA set up a representative office in Chengdu.

Before the eight foreign insurance companies were approved to start or expand business in China, there had been 19 foreign insurance companies with 27 business offices in China. In addition, more than 100 insurance institutions from countries including the United States, Britain, Japan, Canada, Switzerland, Germany, France, Australia and from Hong Kong had established almost 200 representative offices in China.