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Allianz launches general insurance arm
By Zhang Fengming |
June 30, 2010, Wednesday
|
Online Edition
Online Edition
ALLIANZ China General Insurance Co Ltd is set to start operation tomorrow (July 1) as the German insurer set up its wholly-owned subsidiary in property and casualty insurance in China.
Allianz China General, with a registered capital of 200 million yuan (US$29.4 million), was set up by converting the German insurer's Guangdong branch in southern China.
Allianz China General is applying to extend its business in China outside Guangdong.
The insurer gained the go-ahead from the China Insurance Regulatory Commission in January to convert the branch, set up in 2003 as Allianz's first non-life branch in China.
Its gross written premiums rose to 290 million yuan in 2009 up from 8 million yuan in 2003.
China allows overseas insurers to set up a fully owned subsidiary as part of its World Trade Organization commitment. Non-life insurers can set up a wholly owned subsidiary in China while life insurers can have joint ventures by holding up to half of the stake.
Non-life insurers including British-based RSA and America's AIU have already set up their China subsidiary in Shanghai.
Allianz set up its life joint venture in China, Allianz China Life Insurance Co, in 1999 in Shanghai.
Overseas life insurers account for 5 percent of the market share in China. Non-life insurers have a 2 percent market penetration.
Allianz China General, with a registered capital of 200 million yuan (US$29.4 million), was set up by converting the German insurer's Guangdong branch in southern China.
Allianz China General is applying to extend its business in China outside Guangdong.
The insurer gained the go-ahead from the China Insurance Regulatory Commission in January to convert the branch, set up in 2003 as Allianz's first non-life branch in China.
Its gross written premiums rose to 290 million yuan in 2009 up from 8 million yuan in 2003.
China allows overseas insurers to set up a fully owned subsidiary as part of its World Trade Organization commitment. Non-life insurers can set up a wholly owned subsidiary in China while life insurers can have joint ventures by holding up to half of the stake.
Non-life insurers including British-based RSA and America's AIU have already set up their China subsidiary in Shanghai.
Allianz set up its life joint venture in China, Allianz China Life Insurance Co, in 1999 in Shanghai.
Overseas life insurers account for 5 percent of the market share in China. Non-life insurers have a 2 percent market penetration.
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