German re-insurer Hannover Re has been approved by the China Insurance Regulatory Commission to receive a license to transact life and health reinsurance in China.
The establishment of a Shanghai branch will further Hannover’s position in the Far East, as well as expanding the company’s portfolio.
We are delighted by the China Insurance Regulatory Commission’s (CIRC) decision, Dr Wolf Becke, the member of Hannover’s executive board responsible for life and health reinsurance commented.
The license will enable us to optimally position ourselves in the vigorously expanding Chinese life and health reinsurance market and intensify the existing support that we have been providing for our clients through a representative office since 1997. We now have the ability to offer our cedants tailored reinsurance solutions in the life, health and personal accident lines and to share in the extraordinary growth potential of this market.
In 2005, the Chinese insurance market boasted a gross premium volume market of $61 billion – $45 billion in life and $16 billion in non-life business. Forecasts have predicted China’s market to rank third among major global insurance markets by 2020, having currently been ranked as 11th.