(Yicai Global) April. 28 -- The Chinese unit of UK insurance giant Willis Group Holdings plc is the first to take advantage of new reforms in the country’s insurance sector as it becomes the first wholly foreign agency to offer a comprehensive range of products for the market.
Willis Insurance Brokers Co. is based in Shanghai which is leading the removal of restrictions measures in the sector following recent government reforms.
China’s insurance regulators published a policy document on extending the scope of business for foreign insurance agencies yesterday, and issued a new license to Willis Insurance, giving it the same operating rights as any Chinese agency, Shanghai Securities News reported.
Willis Insurance was one of the earliest foreign agencies to enter Chinese market, with business covering the whole country. Parent company Willis Group was established in 1828 and is the world’s leading insurer. It merged with Towers Watson, a US consulting company, in 2015.
Foreign insurance agencies didn’t have the authority to do business with individual customers and minor enterprises before, according to a manager of a Chinese insurance company, but they possess advantages and rich experience in the fields of large commercial risk, logistics, energy, and financial risk.
The Chinese regulator has also released another policy document on extending market access for foreign banks, involving government bonds, Chinese yuan business and derivatives trading.