Many insurers view Greater China as a golden opportunity. However, after conducting business for a few years in China's evolving business market a few U.S. and European insurers have exited China, but others are entering the sector for the first time and still others are re-entering the market.

The lure of this growth market guarantees that foreign interest will not wane. The views of chief executive officers in the region shed light on how insurers can create sustainable growth, with a focus on market dynamics, distribution, regulation, culture and service.

Insurance in mainland China is witnessing strong growth. For example, today only 2% of the population owns a vehicle, according to China Daily, but ownership is forecast to grow at a rate of more than 20% annually for the next five years, predicts data aggregator Research and Markets. However, with agent commissions sometimes exceeding 25% along with fierce price competition, turning a profit is a major challenge.

"Currently the customer in mainland China is primarily focused on price for motor insurance, as there is very little differentiation in coverage, not only between the top three players and the second tier but even the new entrants," said Chen Poujian, chairman of Tianan Insurance Co. Ltd. of China. Tianan is the sixth-largest Nonlife (P/C) player in China, according to the China Insurance Regulatory Commission.