Munich Re announced that it will be granted a reinsurance license by the Chinese government, “the first such license to be issued to a foreign company to operate as a reinsurer in the People’s Republic of China.”
The decision coincides with a state visit to Germany of Chinese President Jiang Zemin. Commenting on behalf of the company, Karl Wittmann, Munich Re Member of the Board of Management stated that the reinsurance license marked “an important step in the continuation of our successful business development in China”.
“This allows Munich Re, which has enjoyed close business relations with the Chinese insurance industry since 1956, the opportunity to tap into the huge long-term business potential offered by the People’s Republic of China in the field of reinsurance,” said the bulletin.
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