Start of new business for insurer
By Zhang Fengming |
July 1, 2010, Thursday
|
Print Edition
Print Edition
ALLIANZ China General Insurance Co is set to start operations of its wholly owned property and casualty business in China today.
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 Province branch. Allianz China General has also applied to extend its business outside the province.
The insurer's gross written premiums soared to 290 million yuan in 2009 from 8 million yuan in 2003.
China allows overseas insurers to set up fully owned subsidiaries as part of its World Trade Organization commitments. Non-life insurers can form 100 percent owned subsidiaries in China while life insurers can hold up to 50 percent in joint ventures.
Non-life insurers, including UK-based RSA and AIU of the United States, have set up their China subsidiaries in Shanghai to tap rising demand for financial protection.
Allianz set up the Allianz China Life Insurance Co joint venture in Shanghai in 1999.
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 Province branch. Allianz China General has also applied to extend its business outside the province.
The insurer's gross written premiums soared to 290 million yuan in 2009 from 8 million yuan in 2003.
China allows overseas insurers to set up fully owned subsidiaries as part of its World Trade Organization commitments. Non-life insurers can form 100 percent owned subsidiaries in China while life insurers can hold up to 50 percent in joint ventures.
Non-life insurers, including UK-based RSA and AIU of the United States, have set up their China subsidiaries in Shanghai to tap rising demand for financial protection.
Allianz set up the Allianz China Life Insurance Co joint venture in Shanghai in 1999.
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