Munich Re has become the first international reinsurer to receive a country-wide composite reinsurance operating license in the People’s Republic of China from the Chinese Insurance Regulatory Committee (CIRC).
The responsible Member of the Board, Karl Wittmann, stated: “We are delighted to receive this honour. This milestone marks the beginning of a new era in Munich Re’s long-standing collaboration with the Chinese market.”
Munich Re has done business in China since 1956 and currently has three offices there, in Beijing, Shanghai and Hong Kong. The new license will make the company “eligible to participate in the Renminbi Yuan denominated reinsurance business which was previously reserved for local companies only,” said the announcement.
The bulletin stressed that China’s “annual double-digit growth rate” makes the country’s insurance market “an integral part of one of the most dynamic and promising economies in the world (PRC Gross Premium Income 2002: US$ 37 billion overall or 44% growth over 2001, thereof US$ 27 in life and US$ 10 billion in non-life). ” It added that “Munich Re will now be in a perfect position to benefit from its long-standing network of strategic relationships with the Chinese insurance industry by cooperating in all life, health and non-life business lines.”
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