Zurich in China
Zurich Financial Services has strong confidence in the Chinese market and developing business in the Greater China region is very important to us. We are committed to sharing our global knowledge and resources to benefit the Chinese people and financial services industry.
In 1993, we were the first Continental European insurer to set up representative offices on Mainland China. Today, we have two representative offices - in Beijing and Shanghai.
In 2000, Zurich gained a foothold in the Chinese market through its strategic investment in New China Life Insurance Company Ltd (‘NCL')1. To further demonstrate our commitment in this attractive market, we have increased our shares in NCL from 10% to 20%.
1 New China Life Insurance Company Ltd is a national specialized joint-stock life insurance company, with its scope of business covering various life insurance, health insurance and accident insurance services.
Zurich Insurance Company Beijing Branch
October 2005, Zurich received the approval from China Insurance Regulatory Committee (CIRC) to prepare the general insurance branch in Beijing. On May, 2006, Zurich obtained the operation approval from CIRC to open a general insurance branch. Furthermore, Zurich has been granted a general insurance business license by State Administration for Industry & Commerce (SAIC) in May 2006. Hence Zurich is the first foreign insurer to have been granted business license to establish operations with a general insurance branch in Beijing.
Zurich Insurance Company Beijing Branch will focus on serving corporate customers, including foreign customers with activities in China, Zurich global clients in China, and large and medium sized enterprises from China, particularly those with business overseas. In bringing the financial strength and global risk management expertise, Zurich's strong corporate platform positions us well to provide valuable risk insights and innovative products and services to corporate customers doing business in China.
