Willis Towers Watson granted full licence in China
Willis Towers Watson has become the first global insurance broker to be granted a full license to transact all insurance business in China, according to the broker.
China’s Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers to operate as domestic brokers in the country. The move follows president Xi Jinping’s announcement early last month of a series of major financial liberalization initiatives aimed at opening up the Chinese market to foreign operators.
In response to the president’s announcement, the Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage.
Scott Burnett, head of Asia, said: “Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994. This latest announcement 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. The expanded licence represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise.”
Wise Xu, head of Willis Insurance Brokers China, said: “We have a strong branch network in China, extensive 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.”
Smilla Yuan, CEO of Willis Towers Watson Greater China, added: “Willis Towers Watson is actively exploring and assisting Chinese insurance companies in product innovation and development. With forward looking perspectives and innovative experiences, the extension of our license enables us to provide our Chinese clients with enhanced analytical and risk management capabilities."
