BEIJING: Sompo Japan Insurance Inc has opened a branch in Dalian, becoming the first overseas-funded property insurance firm approved by the China Insurance Regulatory Commission (CIRC) to open a branch in northern China, Xinhua news agency reported.
The agency quoted the branch’s general manager Tadashi Okamoto as saying that the branch has operating capital of 200 million yuan and nearly 30 employees.
Okamoto said the Dalian branch mainly offers property insurance and related services, as well as reinsurance services to overseas-funded companies in China.
The agency, said Sompo, the second largest property insurance company in Japan, set up its representative office in Beijing in 1981 and has offices in Shanghai, Shenzhen and the southwestern Chinese municipality of Chongqing. The Chinese port city of Dalian, with about 8,000 overseas-funded firms, including 2,000 Japanese-funded ones, is one of the first group of Chinese cities to open its insurance sector to overseas insurers, it added.
Some 36 foreign insurance companies have so far established 57 operational institutions in China. According to the CIRC, Chinese cities open for foreign insurance companies include Beijing, Shanghai, Shenzhen, the southern cities of Guangzhou, Foshan, Dongguan, Jiangmen and Haikou, the northern municipality of Tianjin, southwestern cities of Chengdu and Chongqing, as well as the eastern city of Suzhou. – AFX