China Re about to lose monopoly status as government moves to grant licenses to Munich Re and Swiss Re with others lined up to enter this huge market
Entry into the Chinese reinsurance market has not been easy, given the dominance of the Beijing-based China Reinsurance Company, which is the only reinsurer directly controlled by the State Council, hence a government monopoly.
But China Re is about to lose its monopoly status, with the government's
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Re to play a more effective role in enhancing the underwriting capabilities of domestic insurers and to promote healthy development of the Chinese reinsurance market through the handling of inward and outward reinsurance businesses, sources say.
Besides its head office in Beijing, China Re has branches in Shanghai, Shenzhen and Chengdu as well as representative or liaison offices in London, Dubai, New York and Hong Kong. It handles reinsurance for both life and non-life segments.