Sino-Italian Insurance Company Set Up

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Last updated at: (Beijing Time) Wednesday, February 27, 2002

Sino-Italian Insurance Company Set Up

An insurance joint venture between Assicurazioni Generali of Italy and China National Petroleum Corporation (CNPC) went into operation Tuesday in China's southern city of Guangzhou.

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China Unveils Details for Foreigners Entering Insurance Market

An insurance joint venture between Assicurazioni Generali of Italy and China National Petroleum Corporation (CNPC) went into operation Tuesday in China's southern city of Guangzhou.

The joint venture will provide a series of insurance and financial services such as life insurance, accident and health insurance, investment insurance and family insurance.

The new company is said to be the first joint venture in insurance sector after China's accession to the World Trade Organization. According to its commitments to the WTO, China will open domestic insurance market to foreign companies after its WTO entry.

Among these commitments, foreign insurance firms will be allowed to offer services in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan immediately after the entry. Two years later, their business can be expanded to Beijing, Chengdu, Chongqing, Fuzhou, Suzhou, Xiamen, Ningbo, Shenyang, Wuhan and Tianjin.

Established in 1831, Assicurazioni Generali is one of the world's five largest insurance groups and ranked 46th among Fortune 500 in business revenue in 2000. Its business operations in China dated back to the end of the 19th century.

CNPC is China's leading profit maker. In 2000, the company ranked 83rd in business revenue and 23rd in profits among the Fortune 500.

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Analysis: WTO to Bring Fair Play to China's Insurance Industry

With its entry into the World Trade Organization (WTO), China's huge domestic market is opened up, and it would be a fair play with domestic life insurance companies against joint venture companies, according to Victor Apps, executive vice president and general manager for Asia of Manulife Financial.

China Speeds up Legislation and Rectification for Insurance Industry

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First Life Insurance Joint Venture to Operate in China

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