Germany’s Allianz announced that it has received final approval from Chinese regulatory authorities to launch its first property and casualty insurance operation in China, to be called Allianz Insurance Company Guangzhou Branch.
The announcement, which appeared on the Allianz web site, said the new venture would offer “a wide range of general insurance in the areas of Property, Liability, Marine and Engineering business. In the initial launch stage, the branch will provide insurance services to foreign invested enterprises, sino-foreign joint / cooperative ventures, and non-mainland Chinese citizens.”
“The China insurance market holds immense potential for both foreign and local players. Since China’s accession to the World Trade Organization, Allianz is the first foreign company to be permitted to establish property and casualty insurance operations,” stated Werner Zedelius, a Member of the Allianz Board of Management for Growth Markets. “It is also the first European insurer to operate both property and casualty operations, and life insurance operations, in China. The opportunity enables us to expand our presence in the China market and contribute to the development of this rapidly growing economy.”
Allianz Insurance Company Guangzhou Branch is located in the fast developing Guangdong province of Southern China. Its CEO, Joerg-Uwe Lerch indicated that “We will draw upon the global network and business expertise of the Allianz Group, and its long standing experience of the Chinese market to best meet the needs of our clients. As part of our business strategy, and to maintain a competitive edge, we will constantly review evaluate and improve the range of the products and services that we offer.”
The company’s registered capital is around 22.6 million Euros ($24 million). It received its Insurance Permit from the China Insurance Regulatory Committee (CIRC) on December 27, 2002, and its business license from the State Administration of Industry and Commerce, Beijing, on January 8, 2003.
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