France’ SCOR group announced that it has received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance license in China “that will enable it to open a branch in Beijing with a view to conducting property & casualty reinsurance transactions.”
The SCOR group opened a representative office in China in 2000 and submitted a request for a license to the CIRC in March 2004. The new license “will enable the Group to develop its activities in China in property & casualty reinsurance,” the bulletin continued. SCOR also said it “believes that property & casualty reinsurance in China is going to see a major, recurring increase in demand, carried by expanding economic development and the rapid growth of insurable assets.”
SCOR indicate that “this license in China will enable the Group to speed up its development in the Asia-Pacific region, which is a priority region for SCOR. SCOR has operating entities in Japan, Korea, Hong Kong, Thailand, Malaysia, Singapore and Australia. Premium income for property & casualty reinsurance in the region should reach €160 million [$205 million] in 2006. Premium income for Life reinsurance in the region should reach €55 million [$70 million] in 2006.”
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