Willis Towers Watson reports that China’s Banking Insurance Regulatory Commission (CBIRC) earlier this month approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China.
This follows President Xi Jinping’s announcement early last month of a series of liberalization initiatives aimed at opening up the Chinese financial services market to foreign operators.
In response to President Xi Jinping’s announcement, the regulatory bureau expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage, according to Willis.
Commenting on the announcement, Scott Burnett, head of Asia, noting that Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994, said this licensing speaks to the “long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe.”
Wise Xu, head of Willis Insurance Brokers China, said Willis has a branch network in China, relationships with carriers and a global placement capability. “Combined with our global knowledge and experience, the extended license to operate in China enables us to further grow our business with existing and new clients and opens up many new potential opportunities over time,” Xu said.
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