This trend is caused by a global reduction of bond yields, which has meant that fixed income assets are generating too little return, and insurance firms are venturing into equity and alternative asset classes for higher returns.

"Every insurance company is talking about this, some are already doing it and others are seeing it as a new stage of development," Peagam says.

Against these changes in the global insurance environment, Chinese firms are increasingly seeking expansion overseas, and Peagam says there are three key reasons for this trend.

The first is the falling interest rate in China, which makes other markets more attractive compared to the domestic market. The second is the low insurance penetration in China compared to other markets, prompting Chinese insurers to look for returns elsewhere, and thirdly, overseas investment provides diversification, good returns and access to expertise. In addition, because the Chinese government has set a limit for overseas assets that Chinese insurers can hold, many Chinese insurers prefer to acquire overseas insurance companies, which do not count as overseas assets, but instead help to enlarge their overall balance sheets.

"So you can't invest more than a certain percentage of your balance sheet outside China. But if you buy an insurance company outside China, you suddenly have a new balance sheet outside of China which you can look at investments," he says.