"Low interest rates and intense competition will continue to impact premiums in 2019, with insurers facing the additional risk of a significant rise in the cost of repairs and imported car parts due to exchange rate movements, new tariffs or other potential Brexit-related trade barriers," Jones added. CITIC-Prudential to Expand into China's Province CITIC-Prudential Life Insurance has received approval from China's insurance regulator to expand into Shaanxi Province and establish its 20th branch. The firm, which is a joint venture between China's state-owned CITIC Group and British insurer Prudential plc, has received the go signal from the China Banking and Insurance Regulatory Commission (CBIRC) to begin preparatory work in establishing the new branch in Shaanxi.