Zurich moves further into China

In an effort to boost its presence in the lucrative Chinese insurance market, Swiss-based Zurich Financial Services Group has established a new distribution platform with offices in multiple locations.

The new platform, Zurich Insurance Brokers (Beijing), will enable the insurance group and its business partners to distribute general and life insurance products to customers across China.

The move follows Zurich’s acquisition earlier this year of a 24.5 per cent equity stake in Beijing-based company Best Harmonious Insurance Brokers (which will now trade as Zurich Insurance Brokers).

“This distribution platform marks a further important step in our long-term approach to the Chinese market and reflects our broader group strategy of targeting customers, product and distribution capabilities as our paths to profitable growth,” Zurich chief executive James Schiro said.

According to Zurich, the new platform will leverage its existing distribution capabilities in the region, including training, development and recruitment techniques employed in Hong Kong and call centre processes developed in Taiwan.

It expands upon Zurich’s existing business interests in the Chinese market, namely general insurance branch operations in Beijing and a 20 per cent stake in the nation’s fourth largest life insurer, New China Life.

Zurich, which has a market value of around $40 billion, currently has more than 100 employees in China compared with just three two years ago.

Earlier this year, the group announced its intention to become one of the world’s top five insurers.