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Insurance In China
Date: Apr 15, 2005
Contributor: Darcy Moree
US FIRM TO OFFER AUTO INSURANCE IN SOUTHWEST CHINA
Liberty Mutual Insurance Company from the U.S. will offer auto insurance in Chongqing Municipality in southwest China this year.
Liberty, the second largest property and casualty insurer in the U.S., established its branch company in Chongqing in January 2004 and mainly deals with all non-life insurance business except auto insurance.
It is learned that at present, there are nine Chinese property insurance companies with auto insurance as their main business. The auto premium incomes of the companies account for two-thirds of their total premium.
According to the general manager of Liberty's Chongqing Branch Company, the branch will mainly targets on medium-sized and small enterprises as well as individuals in offering auto insurance.
Liberty, one of the world's top 500, has a total assets of US$55.9 billion and its annual revenue reaches US$14.5 billion.
It is the fifth largest property and casualty insurer in North America.
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