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A report by U.K.-based data analytics firm GlobalData PLC predicts that China's general insurance market will see a compound annual growth rate of 4.1% between 2019 and 2023, Asia Insurance Review reported. This is a 2.7 percentage point decrease from projections before the outbreak of the COVID-19 pandemic. An analyst at GlobalData said that the highly competitive Asian market would pose a risk for the foreign insurers that are interested in entering China.