Foreign life insurance companies in China expect to grow by up to 30 percent over the next three years, international accounting firm PricewaterhouseCoopers said in a report on Monday.

Their low penetration (2 percent) of the insurance market, strong premium growth, and the relative strength of China's economy is driving the growth, according to PwC's Foreign Insurance Companies in China 2012 Survey Report.

Companies specializing in foreign property and casualty insurance, polled by the survey anticipate a growth of 20 percent in 2012 through to 2015.

"Optimism among foreign insurers belies the continuing challenge they face in trying to build market share in China," said Tom Ling, PwC's China insurance industry leader.

The 27 foreign life and 21 property and casualty players only hold a 4.3 percent and 1.2 percent market share respectively of the Chinese insurance market in 2012, he added.