Swiss Re receives China national branch licence
18 Sep 2003
Swiss Re today announced that it has been granted a full national reinsurance branch licence from the China Insurance Regulatory Commission (CIRC).
The branch, which will be in Beijing, will provide comprehensive reinsurance services to clients throughout China in the property and casualty as well as life and health sectors.
Eric Gao has been appointed General Manager of the branch. Mr. Gao, who joined Swiss Re in 1996, has been in the insurance industry since 1979. He has worked in Hong Kong, London and Beijing.
Winston Chou will head Swiss Re's Life & Health business in China, while the Property & Casualty business will be headed by Simon Lam.
Swiss Re Asia Division Chief Executive Officer Pierre Ozendo described the development as a "foundation stone in Swiss Re's Asia strategy." He added, "The level of focus and commitment demonstrated by China's approach to reinsurance regulation is an example to other emerging markets, and can help instill greater confidence in the competence and vital role of prudential supervision in this fast growing market."
Jean-Michel Chatagny, Swiss Re's Head of Life & Health for Asia, added, "In China, greater individual risk awareness, combined with rising household income, social security reform, and the restructuring of state-owned enterprises, are helping to underpin further strong demand for life insurance products."
With enormous need for infrastructure, growing property ownership and increasing awareness of legal and property rights, non-life insurance demand will also continue to increase.
Swiss Re's Economic Research & Consulting Department estimates that China's non-life insurance market will grow by a real average annual rate of 10% between 2003 and 2011 to USD 23 billion, while the life insurance market will grow by 17% to USD 120 billion.
Contact:
Corporate Communications, Asia, tel. +852 2582 3660
Group Media Relations, Zurich, tel. +41 43 285 7171
Investor Relations, tel. +41 43 285 4444
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