Swiss Re said it had moved a step closer to getting a full licence to sell reinsurance in China, afte...Swiss Re said it had moved a step closer to getting a full licence to sell reinsurance in China, after being given approval to "prepare for branch operations in China".
The China Insurance Regulatory Commission (CIRC) has told Swiss Re that it can "prepare for branch operations in China", according to the reinsurer. However, no timing has been suggested for the granting of a full licence.
The authorisation from the CIRC covers both life and property and casualty (P&C) business.
Other foreign reinsurers, including Munich Re and GE Employers Re Corp., are pushing for underwriting licences in China. Swiss Re said that P&C insurance premiums in China have been growing at a real annual rate of 10% over the last decade and life premiums at 24%.
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