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Last updated at: (Beijing Time) Friday, June 20, 2003

First-time Opening of Agricultural Insurance Market to Outside World

According to the news from Beijing a French Amway Insurance Company , No.1 agricultural insurance co. took over days ago from Wu Dingfu, President of CIRC the document permitting it to organize a property insurance company in China. In the meantime, to make the company set the ball rolling in the middle and western regions of China, the CIRC declared that the cities of Chengdu and Chongqing be opened to the outside world for insurance business. As learned, this is the first time that China opened its agricultural insurance market to foreign capitals.


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According to the news from Beijing a French Amway Insurance Company , No.1 agricultural insurance co. took over days ago from Wu Dingfu, President of CIRC the document permitting it to organize a property insurance company in China. In the meantime, to make the company set the ball rolling in the middle and western regions of China, the CIRC declared that the cities of Chengdu and Chongqing be opened to the outside world for insurance business. As learned, this is the first time that China opened its agricultural insurance market to foreign capitals.

Wu Dingfu expressed, China is going all out on the construction of a well-off society, in which farmers, countryside and agriculture, the "three in rural areas" are matters of crucial importance. So the agricultural insurance sees a "very big market with a great potential and having a great deal to do" in the future.

Established in 1968, the French Amway Insurance Company belongs to the Amway Insurance Group which came into being in 1900. Up to the end of 2001, the assets of the Amway Insurance Company came to a total of US$ 62.2 billion. Besides, the Amway has its own experience and strength with regard to the agriculture and agricultural insurance. The company put up a representative office in Beijing in 1995.

As the CIRC data indicate after the Amway got the permission for entering into China's insurance market, three French insurance companies have so far set up 4 business offices (including that under preparation). Up to now, a total of 36 foreign-invested insurance companies have already had 57 business offices (including those under preparation) set up in China.

In accordance with the commitments China made at the entry of the WTO, last March saw CIRC announce Beijing, Tianjin and Suzhou to be on the business list opened to foreign insurance companies. But prior to these cities, foreign insurance companies have already set up their business offices in Shanghai, Guangzhou, Shenzhen, Dalian, Foshan, Dongguan, Jiangmen and Haikou.

Up to Jun 16, another news told that the cases accepted for compensation by the life insurance companies nationwide, have come to 477 in total. Among them, those having already been compensated added up to 229 with a total compensation of RMB 3.4862 million yuan, of which the casualty compensation came to 251 cases and the compensation for hospitalization accounted for RMB 975,800 yuan.

By People's Daily Online


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