First-of-its-kind deal provides Willis Tower Watson (WTW) with the same license as domestic brokers.
China’s Banking Insurance Regulatory Commission (CBIRC) has approved leading global advisory, broking and solutions company WTW to become the first foreign broker to be allowed a full license over all insurance business within the country.
President Xi Jinping’s recent efforts to open up Chinese markets to overseas operators via financial liberalisation lead to the Shanghai Insurance Regulatory Bureau expanding WTW’s existing permit to encompass all lines of insurance brokerage.
Follow the announcement, Scott Burnett, Head of Asia, said “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 Willis Insurance Brokers China, Wise Xu, said “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”.
Smilla Yuan, Chief Executive Officer (CEO) of Willis Towers Watson Greater China, added, “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.”
