Liberty Mutual will open an office in the southwestern city of Chonquing in December, marking the company’s entry into the Chinese P/C market.
Liberty had received the go ahead from the China Insurance Regulatory Commission to begin operations last year. Plans call for other offices to be established throughout the country, including the capital Beijing.
China is in the process of opening its P/C and life insurance markets to foreign companies as part of its agreement to end state monopolies and dismantle its restrictive regulatory framework upon its accession to the World Trade Organization inn 2001.
The new branch, in one of China’s fastest growing economic areas, will be limited to offering P/C coverage to foreign funded firms in the region.
Topics China Property Casualty
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