Willis Towers Watson, a leading global advisory, broking and solutions company, announced yesterday that the Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China.
This follows President Xi Jinping’s announcement of a series of major financial liberalisation initiatives aimed at opening up the Chinese market to foreign operators. In response to President Xi’s announcement, the Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage.
Commenting on the announcement, Mr Scott Burnett, Head of Asia, said, “Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994. This latest announcement speaks to the long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded licence represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise.”
Wise Xu, Head of Willis Insurance Brokers China, said, “We have a strong branch network in China, extensive relationships with carriers and a global placement capability. Combined with our global knowledge and experience, the extended licence to operate in China enables us to further grow our business with existing and new clients and opens up many new potential opportunities over time.”