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).
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.
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.