The Chinese broker market has capacity for further growth, says Lloyd's in a new report.

The "China - Avenues for Growth" survey welcomes brokers' share of the commercial market growing to 20%, as well as the presence in China of large global brokers and smaller local players.

Lloyd's says the development of a strong broker market in China is vital to lift customer awareness, increase the pace of knowledge transfer, improve risk management and promote more sophisticated forms of insurance.

It also highlights other key trends in the Chinese broker market, including the challenge of risk awareness, the growth of domestic reinsurance capacity driven by regulatory reform and the need for specialist expertise.