, China
225 views
/Ryoji Iwata from Unsplash

Foreign insurance brokers enter China market: Report

These are the first foreign-funded companies approved in the sector since 2018.

Two foreign-owned insurance brokerage companies, BMW (China) Insurance Brokers and ERGO-FESCO Broker Company, have obtained permits to conduct insurance brokerage business in China, marking a significant step in the country's financial opening up, Xinhua News Agency reported. 

These are the first foreign-funded companies approved in the sector since 2018, according to the National Financial Regulatory Administration (NFRA).

READ MORE: Foreign-funded companies upbeat about China's insurance brokerage business

The companies have been granted authorisation to engage in insurance brokerage activities, including developing insurance plans for policyholders and reinsurance brokerage, within the Chinese mainland. 

ALSO READ: China’s insurance sector sees steady Q3 growth in assets

The company plans to accelerate business expansion in 2024, supporting the BMW Group's transformation toward electrification, digitization, and circular sustainability.

ERGO-FESCO, co-established by ERGO (a major insurance company in Germany and Europe) and Beijing Foreign Enterprise Human Resources Service, sees China as a key strategic investment market. 

 

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Why embedded insurance is a must-have
An estimated 16% of Asian insurers’ revenues are now derived from embedded insurance.
To lead and to lag: APAC insurance’s conflicted AI journey in 2024
Whilst AI investments reached 23.93% of the total market, 41% of firms in Asia Pacific cling to outdated tech, hindering efficiency and scalability.
Insurance rides high on surge in Hong Kong travellers
CEO Jim Qin of Zurich Insurance cites a trend for extended vacations among Hongkongers in 2023, boosting travel insurance sales.