BEIJING, Nov. 7 (Xinhua) -- With China further opening-up and promoting foreign investment, many foreign insurance companies plan to increase investment in China, Xinhua-run Economic Information Daily reported on Thursday.
According to a notice published on the website of the Insurance Association of China recently, the Beijing Branch of Swiss Re plans to expand its working capital from 36.5 million U.S. dollars to 186.5 million U.S. dollars.
In late September, Gen Re decided to increase a total of 20 million U.S. dollars to the registered capital of its Shanghai branch.
In addition, Hannover Re and SCOR also plan to increase investment in their branches in China.
Due to the further opening of the financial and insurance industry, the branches of existing foreign insurance companies and new foreign insurance companies have been approved to enter the Chinese market, said Yang Zeyun, a teacher with Beijing Union University. The existing foreign insurance companies have further increased investment capital and accelerated development in China, Yang added.
The accelerated opening-up of the insurance industry promotes high-quality development of Chinas insurance industry, pointed out by Zhang Chudong, partner of KPMG China Financial Industry Advisory Services. "The entry of foreign-funded insurers into China will bring changes in the market structure, business management and operational concepts, promoting domestic insurers to accelerate transformation," said Zhang. (Edited by Tong Wei, firstname.lastname@example.org)