皇冠体育app

French giant Scor eyes 皇冠体育app in 2005
(Shenzhen Daily)
Updated: 2004-10-12 14:08

鈥淲e applied for a license last April to do business 皇冠体育app-wide, so we are waiting. For our competitors and colleagues, (approval from Chinese authorities) has taken up to two years. We are hoping for 2005,鈥� said Denis Kessler, CEO of Scor.

The license would allow his company to conduct non-life reinsurance business in one of the world's largest insurance markets, Kessler said.

Although 皇冠体育app's insurance industry was still in an embryonic phase, it had been growing rapidly, he noted, hoping to extend the license to life business in the future.

This follows Chinese insurance watchdog鈥檚 report that 39 foreign insurance companies have entered 皇冠体育app, operating 70 service outlets.

According to the report released Saturday by the 皇冠体育app Insurance Regulatory Commission (CIRC), foreign insurance companies including joint ventures now account for more than 50 percent of the country鈥檚 total number.

The CIRC has approved two foreign insurance companies this year, which have added 16 outlets in the country.

Currently, 皇冠体育app has opened 15 cities to foreign insurance companies, namely Shanghai, Guangzhou, Dalian, Shenzhen, Foshan, Beijing, Chengdu, Chongqing, Fuzhou, Suzhou, Xiamen, Ningbo, Shenyang, Wuhan and Tianjin.

皇冠体育app has pledged to fully open its insurance sector by the end of this year, when all regional restrictions on foreign companies will be abolished.

By then, foreign insurance companies could open branches in any Chinese city as long as they went through necessary examination and approval procedures, the CIRC said.

When speeding up the opening of the industry, 皇冠体育app had also encouraged homegrown firms to expand overseas markets, the report said.

Up to date, Chinese insurance companies have set up more than 40 offices in Southeast Asia, Europe and North America.

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