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China's leading insurance companies PDF

China's leading insurance companies

"People's Insurance company of China" (PICC) appeared simultaneously with the birth of new China and is the only state-owned company engaged in property insurance in all 18 districts of China. PICC is the largest insurance company in China.

The company's activities cover almost all sectors of the property insurance market within the country and abroad, among which are: aircraft hull insurance, international transport insurance, insurance of enterprises whose activities are associated with increased risk, hotel property insurance, various types of liability insurance, insurance of loans and credit lines. In the 50 years since its inception, PICC has accumulated extensive experience in issuing sureties and guarantees, risk management, and emergency Commissioner functions.

Branches and subsidiaries:

- Dongcheng company;

– Xicheng is the initiator of the development of" 10 measures " of quality assurance used by almost all PICC branches. As part of the "10 measures" organized special services that accept applications for insurance around the clock. Insurance contracts are concluded by telephone with delivery of relevant documents to policyholders. In the event of an insured event, the policyholder may apply to specialized rescue services, also working around the clock. Rescue teams go to the scene for free elimination of consequences;

- Xuanwu company;

- Fengtai company prefers contracts related to insurance of loans and losses from natural disasters;

- Shunyi provides more than 60 types of services, mainly related to company property insurance, homeowners property insurance and government liability insurance. Shunyi holds about 80 % of the property insurance market in its district;

– Daxing is mainly engaged in home insurance, liability insurance and agricultural insurance;

- Huairou company;

- Miyun occupies 90 % of the property insurance market in its district, providing its services around the clock. Consultations, contracts-all this is included in the package of services of the company. Within ten days, Miyun pays the amounts due under the contract, subject to the availability of relevant documents;

- Pinggu company is located in Chengguan. Pinggu provides a variety of services, including company and homeowner property insurance, cargo insurance, agricultural insurance and various types of insurance related to credit and liability;

- Yanging's service package is quite diverse. Like most companies of PICC Corporation, Yanging provides services around the clock;

- Jingcheng company is engaged in homeowners property insurance, cargo and liability insurance;

- Yanshan company is engaged in property insurance of companies and homeowners, "mechanical insurance", cargo and liability insurance. Cargo insurance contracts account for a third of all contracts entered into by PICC;

- Chongwen company specializes in fire insurance;

- Mentougou company provides almost 30 types of services, for example, property insurance of property of companies and private homeowners, agricultural insurance, etc. Contracts can be concluded by phone. In addition, the company provides free services to eliminate the consequences of the insured event and the organization of programs of social and economic development of the region in which the insured event occurred;

- Tongzhou Shijingshan company specializes in credit insurance.

New China Life Insurance Company (NCLIC). NCLIC, a national joint stock company, was founded in 1996.

NCLIC offers more than 30 types of insurance products, including life and health insurance, children's insurance, pension insurance, etc. the company actively cooperates with ERC Francona Reassurance to study advanced technologies and management experience.

NCLIC has established 4 centers dealing with financial activities, management, research in the field of risk management and financial services, as well as an after-sales service center.

Sanghai da Yang Assessing and Surveying CO. LTD (SDSAC), registered in 1995 – is the first private survey company in China, specializing in the following industries: shipbuilding, chemical production, production of specialized equipment (steam boilers, cranes), building structures, mechanical and electronic systems, environmental protection technology, etc. in accordance with the PRC enterprise Law, the PRC import and export goods Inspection law, SDSAC provides independent expert evaluation on all types of insurance contracts. The company's activities extend to 9 provinces and more than 10 major cities.

Tausap (Taikan) - financial and insurance company-organized on August 22, 1996. currently, one of the five leading insurance companies in China (headquartered in Beijing). The main activity is aimed at life insurance, but it has a license for property insurance.

During his work Tayap made payment on three claims: in February 1999, paid 2.4 million yuan as compensation in connection with the death of the insured at the age of 34 from cancer of the brain; in September 1997 to 600 thousand yuan insured 28 years old, got in a car accident; in October 1998 500 thousand yuan of the insured automobile accident.

In August and October 1998, the company opened branches in Wuhan and Guangzhou. Currently Tosap is actively cooperating with foreign counterparts. With the participation of Switzerland, the company studied the international system of certification of employees of insurance companies (LOMA), and in 1997, having received authority from the American Association of specialists for the study and improvement of methods of work of life insurance agencies, opened a certification center in Beijing.

In 1999, Chenxin-China rating company, after conducting an audit, assigned Tausap a confidence rating of AA (the second highest degree of confidence after the AAA rating). Such a high rating received for excellence in the effective management of finances and ensuring solvency etc. In the territory of China is the first insurance company to receive such a high rating of trust.

In the world of the 50 largest insurance companies, only 12 have a "public trust rating".

Tianan Insurance Co. – a small Chinese insurance company, plans to establish a joint venture with foreign participation to carry out activities in the field of life insurance.

Limiting the access of foreign insurers to the Chinese market and encouraging the creation of joint ventures with the participation of Chinese insurance companies is aimed at:

- ensuring stable functioning of the insurance market in China;

- enabling the transfer of insurance technology and know-how from more advanced international insurance companies to emerging Chinese insurance companies;

- providing opportunities to protect objectively weaker national insurance companies from potentially tough competition with strong foreign companies.

The introduction of significant restrictions on the access of foreign insurers to the insurance market in China led to the fact that only the companies American International Assurance Ltd, a subsidiary of American International Group and Tocio Marine & Fire Insurance Co. Ltd, Thomas Miller & Co. Ltd., Lincoln Mutual, Chubb licensed.

In 1997, the German company Allianz, the French insurance group AXA-UAP, and the American multinational insurance group Aetna gained access to the Chinese market.

In 1999, licenses were obtained by British insurers (Royal Sun Alliance, Prudential, Eagle Star) and insurers representing Australia: Colonial Mutual and National Matual.

Other companies can carry out their activities either only in joint ventures, or be present in the Chinese market through representative offices. In June 1999, the joint Chinese-French company Czinshen began to officially operate. Joint venture operations involving foreign insurers are focused on servicing foreign economic relations, protecting the interests of foreign suppliers and cargo owners, which is partly due to the constant monitoring of the development of foreign market participants in China.

Before a foreign insurance company receives a license, it must open a representative office in China. Further, although this is not an official requirement, insurers must actually prove their positive contribution to the development of the Chinese economy. For example, the company "AIA" expressed its participation in the fate of China, buying taken from him in the XIX century works of art and returning them to Beijing. In addition, the company has made significant investments in the Shanghai business center.

Chubb founded the Shanghai University of Economics and Finance school of insurance in China, a regular sponsor of the radio program "China Insurance Report".

Zurich Financial Services Group has made many efforts to develop the insurance market in China. At her invitation, in February 1995, a delegation of representatives of the Board of the people's Bank of China visited three European countries to study the European insurance market and the system of control over the activities of insurance companies. In August 1996 representatives of the People's Bank of China and the reform Committee of China visited Swiss, Swedish and American insurance firms and their controlling organizations to study the European and American systems of social and commercial insurance. In September 1997, a conference on accounting and control of insurance transactions was held jointly with the people's Bank of China. In October 1997, together with the reform Committee, the "Second international conference on social security and commercial insurance"was held.

In February 1998, representatives of the people's Bank of China, the reform Committee of China visited six European countries to study the system of control and management of investment and pension funds. In July 1998, representatives of the people's Bank of China, the insurance research society, Chinese insurance firms and insurance research institutes attended the 26th international conference on insurance accounting in Birmingham. In addition, in 1998, the Zurich Financial Services Group has provided financial support.

In order to continue reforms and further development of China's insurance market, the insurance regulatory Commission was established in 1999. According to this Commission, there are currently 14 joint insurance companies and one wholly with foreign capital ("Yban") operating in the Chinese insurance market. Some of them are described below.

Aetna Inc (USA). Globally, Aetna is one of the largest companies offering life insurance, retirement plans and accident insurance. Aetna's activities are well represented in the markets of developing countries and countries with economies in transition, which are characterized by the emergence of a middle class, a relatively small development of the insurance market and a trend towards the expansion of the private sector.

Allstate (USA) is one of the 15 most powerful American insurance companies. Allstate office in China was founded in 1997. currently, the company's management is negotiating with the Chinese government to obtain a license to sell insurance services in China.

Chubb (USA) is one of the five largest insurance companies in the world, whose shares are highly listed on stock exchanges. The representative office in China was opened in 1994. the company's Activities are aimed at providing information and Advisory services.

Chubb has completed the following major projects at the request of the People's Bank of China:

- detailed study of catastrophic risks in China, including risks of possible damage from earthquakes, floods and typhoons;

- exploring opportunities to reduce the number of insurance claims in China's mining industry;

- development of innovative forms of insurance protection.

Chubb also carries out practical insurance activities, mainly related to insurance of catastrophic risks.

Chvalier Insurance Company Limited is a subsidiary of the conglomerate Chvalier Group, located in Hong Kong and consisting of five companies and more than 200 subsidiaries in 10 countries. Chvalier Insurance specializes in fire insurance, vehicle insurance, marine cargo insurance, all property risks, civil liability insurance.

Lincoln Financial Group/ LFG / (Lincoln Financial group), formed in 1905, is the largest financial company in the world. Its offices are located around the world. Since 1994, LFG has been working to help China develop life insurance and provide social support to the population.

Profile Corporation is one of the first established in Singapore. The companies Asia Life and Asia Insurance, which are part of this Corporation – are the pioneers of the insurance market in China.

American International Group, Inc (AIG) is a leading American insurance company in international insurance. AIG's member companies cover property, marine, financial, life and accident insurance in more than 130 countries. In terms of net income, AIG ranks first among American insurance companies and seventeenth among U.S. corporations. Currently, the company is actively developing practical insurance activities in China.

Nelson PLC (UK) is one of the leading participants in the international insurance market. The Beijing office is part of the" Greater China Region", which includes Hong Kong, China and Taiwan. In this region, the company specializes in risk management, insurance of international and domestic construction projects, work with large industrial and commercial insurers.

CMG PLC (UK) was invited to the market by the Chinese government in 1998 and immediately obtained a license to carry out life insurance operations in Shanghai. Prior to this, CMG PLC had offices in Beijing (1994) and Shanghai (1995). From 1994 to 1999, CMG PLC carried out major projects related to the development of the financial services sector in China. Thus, the company participated in the development of pension reform, in the organization of training courses for employees of the people's insurance company and the People's Bank of China in China and Austria. The company is jointly owned by CMG China Investment Limited, whose shares are listed on the stock exchanges in Shanghai and Shenzen.

Thomas Miller & Co (UK) in 1999 opened offices in Beijing and Shanghai, which are engaged in transport insurance and actually represent the interests of four mutual insurance associations: UK P&I Club, UK Defence Club, TT Club and ITIC. The opening of representative offices is an important step in strengthening China's cooperation with these associations, given that UC P&I Club has been working in the Chinese market for about 20 years, TT Club-more than 10 years. The Shanghai office deals with non-Chinese Maritime cargo and is the main link between associations and the Chinese government, as well as regulatory authorities and lawyers. The representative office in Beijing ensures the establishment of contacts with Chinese partners, in particular, the people's insurance company, and Chinese participants of mutual insurance associations.

Zurich Financial Services Group brings together the world's leading insurance companies. The group operates life insurance, other types of insurance, reinsurance, capital management and is the second largest insurance company in the world, the seventh among the firms engaged in reinsurance operations. The group opened its representative offices through two of its companies: Zurich Insurance Company and Eagle Star.

Asia Life-a stable company in the Singapore and Malaysian insurance markets, has two offices in Beijing, Brunei and the first in the Asian insurance market has received permission to establish two offices in Vietnam.

Thus, in the modern insurance market of China only large and largest world insurance companies from the USA, great Britain and Switzerland working at the invitation of the Chinese government are represented. Their activities are related to providing Advisory and research services to the People's Bank of China and the people's insurance company of China (PICC). Foreign insurers focus primarily on providing insurance services to non-Chinese participants in foreign economic relations, companies with subsidiaries in China; at the same time, the participation of foreign insurers in the work of providing insurance protection to Chinese policyholders is expanding.



0 #1 China 2019-12-03 13:23
China's leading insurance companies

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