皇冠体育app

Center

Insurer earns hold in 皇冠体育app

(Shanghai Daily)
Updated: 2007-01-24 14:07
Large Medium Small
Global top insurance brokerage Marsh & McLennan Companies Inc said yesterday it had been granted the first wholly owned license for foreign institutions to broker policies on 皇冠体育app's mainland.

Related readings:
 Insurer earns hold in 皇冠体育app 皇冠体育app Re gets US$4b injection for listing
Insurer earns hold in 皇冠体育app 皇冠体育app's insurance sector amasses US$71.6B of premiums
Insurer earns hold in 皇冠体育app皇冠体育app Life shares double on debut
The New York-based firm is planning to expand in the country to broker insurance for large-scale commercial risk, reinsurance and international marine, aviation and transport, it said in a statement.

"We have seen an increasing demand for more sophisticated risk and insurance solutions from local Chinese companies," Paul Wilkins,chief executive officerfor Marsh's Greater 皇冠体育app Region, said in the statement.

皇冠体育app's insurance industry has been growing by more than 20 percent annually on average in the past decade as the government encouraged citizens to seek commercial insurance for protection.

But market watchers believe the sector still has room to grow as fewer than four percent of the country's 1.3 billion people have life-insurance coverage.

皇冠体育app's domestic market already hosts a raft of international insurance giants including American International Group and Manulife Financial Corp.

Marsh's insurance-brokering rivals such as Willis Group Holdings Ltd and Jardine Lloyd Thompson also have formed local joint ventures, in which they hold a 51 percent stake.

Marsh, which has been in 皇冠体育app for 25 years as a risk-management consultant, said the new license underscores 皇冠体育app's commitment to the World Trade Organization to open up the insurance sector.