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| Move to Hong Kong assures mainland expansion ( 01/10/2002 ) | |||||||||
Swiss Re China chief executive Franz-Josef Hahn said the company has approval from China Insurance Regulatory Commission to set up a fully licensed branch in either Beijing or Shanghai. He believes the preparation work will be completed in the next 12 months. This will make Swiss Re, along with German reinsurance firm Munich Re, the first foreign reinsurers to operate in the mainland. China has opened its direct insurance market in the past 10 years, but only opened up the reinsurance market after its entry into the World Trade Organisation. When Swiss Re sets up the branch in the mainland, it will be able to purchase insurance policies from the existing 19 mainland insurance companies. Mr Hahn said Hong Kong would continue to play a major role in Swiss Re's future expansion in the mainland. "In a bid to prepare for the mainland expansion, Swiss Re moved its Asian headquarters from Zurich to Hong Kong earlier this year,'' he said. "The sound legal system and sophisticated financial markets of the SAR have enabled Hong Kong to be the leading international financial centre in Asia. Hong Kong also has a large number of insurance professionals who are not easily found in other markets.'' Mr Hahn added: "I don't think any other Asian city would be better placed than Hong Kong to serve as a springboard to China. The language and the cultural background have made Hong Kong the best place for foreign companies to set up a hub for investment in the mainland." He also said Swiss Re has a long-term commitment to invest in the Asia-Pacific region. "With our Hong Kong headquarters we are able to expand into other Asian countries." The firm has operations in 14 countries in Asia. | |||||||||
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