Willis Towers Watson Granted a Full License in China
Willis Towers Watson announced that China’s Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China. This follows President Xi Jinping’s announcement early last month of a series of major financial liberalization initiatives aimed at opening up the Chinese market to foreign operators.
In response to President Xi Jinping’s announcement, the Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson’s operating permit to encompass all lines of insurance brokerage.
“Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994 . This latest announcement speaks to the long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded license represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise” – Head of Asia, WTW, Scott Burnett.
“We have a strong branch network in China, extensive relationships with carriers and a global placement capability. Combined with our global knowledge and experience, the extended license to operate in China enables us to further grow our business with existing and new clients and opens up many new potential opportunities over time” – Head of Willis Insurance Brokers China, Wise Xu.
“Willis Towers Watson is actively exploring and assisting Chinese insurance companies in product innovation and development. With forward looking perspectives and innovative experiences, the extension of our license enables us to provide our Chinese clients with enhanced analytical and risk management capabilities” – CEO of Willis Towers Watson Greater China, Smilla Yuan.