Brokers Willis Towers Watson and JLT have had their licences to trade as a foreign broker in China extended to cover all insurance business.
The move follows Chinese President Xi Jinping’s recent decision to further open up the country’s market to foreign operators.
As such, China’s Banking Insurance Regulatory Commission (CBIRC) has now granted Willis Insurance Brokers and JLT Insurance Brokers Co. Ltd permission to operate as fully licensed foreign brokers in the country, the same as that permitted for a domestic insurance brokerage company in China.
Commenting on the announcement, Willis Towers Watson’s head of Asia Scott Burnett 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 license represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise.”
Meanwhile, Dominic Samengo-Turner, JLT Asia’s chief executive, said: “The Chinese Government’s One Belt One Road initiative is generating unprecedented opportunities for JLT, and we are very excited by the opportunities that this licencing extension presents.
“Our Speciality business in China has been growing from strength to strength - particularly in the areas of Construction and Energy – and this success is based firmly on strong collaboration between JLT China and JLT Specialty’s regional and global experts.”