SCOR has submitted an application to the China Insurance Regulatory Commission (CIRC) for a reinsurance licence to develop its non-life reinsurance business activities in China.
Group chairman Denis Kessler said the company had taken the view that the Chinese insurance market is going to increase its rapid expansion and that SCOR wants to contribute by providing reinsurance capacity and risk analysis services.
Kessler said the application for a Chinese reinsurance licence was fully in line with the group's strategic decision to grow its business in the Asia-Pacific markets.
SCOR already has offices and representatives in Singapore, Hong Kong, Tokyo, Seoul, Sydney, Labuan (Malaysia), and Beijing.
The Asia-Pacific region accounted for 9% of non-life reinsurance premiums collected during 2003, said SCOR.
