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Lloyd's China granted direct insurance license
2010. 25 May
(chinaknowledge.com) Lloyd's China, a wholly-owned subsidiary of Lloyd's, a leading insurer in the world, has obtained approval by the China Insurance Regulatory Commission to launch direct insurance business in addition to its existing reinsurance business.
The approval represents an important development for the Chinese insurance market as well as Lloyd's, said Lloyd's Chairman Lord Peter Levene at the United Kingdom Pavilion at the World Expo in Shanghai, adding that it also marks a milestone in the development of Shanghai as a major international financial and maritime center.
Lloyd's China obtained a reinsurance license in the Chinese market in March 2007.
China's insurance premium income surged 36.58% year on year to RMB 565.5 billion in the first four months of this year, according to statistics from the CIRC.
The country's premium income from life insurance was RMB 426.95 billion in the period from January to April, up 37.1% from a year earlier, while property insurance premium income for the period reached RMB 138.56 billion, up 35.02% year on year, according to an earlier report from China Knowledge.