At least 25 local reinsurers in wait for license
Three Chinese reinsurers are now authorized to underwrite in the local market: China Re, PICC Re and Qianhai Re. The last two mentioned have been licensed this year by the authorities who have announced that more than 25 other local reinsurers are in wait for license including in particular Asia-Pacific Reinsurance, Tianyuan Re and Huayu Re.
Seven foreign reinsurers are present in the country where the insurance market is witnessing substantial growth. The authorities are currently striving to promote different insurance classes such as health, life, natural events and ecological catastrophes. These measures will also culminate in a demand for reinsurance.
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