Zurich Financial Services (ZFS) has received the go-ahead to conduct non-life insurance business in China.
The group said it is to be granted a license to open a branch in one of China's "open cities" as a result of China's recent admission to the World Trade Organisation (WTO) and prior negotiation between the Swiss and Chinese governments.
The group has been present in China's life insurance market since 1992, with representative offices in Beijing, Guanzhou and Shanghai.
"With a population of around 1.2 billion inhabitants, China offers huge potential for growth in both the non-life and life insurance lines," said a member of ZFS's group management board, Malcolm Jones.
