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Marsh Inc, the risk and consulting unit of the world's largest insurance broker, yesterday won the first wholly owned license for large-scale insurance brokering in China. The new license enables it to operate without a local partner.

 

Although two other insurance giants, Aon and Willis, have entered China, they both operate through joint ventures with local partners.

 

According to Paul Wilkins, chief executive officer for Marsh's Greater China Region, Marsh will expand to include insurance brokerage for large-scale commercial risk and reinsurance in addition to international marine, aviation, and transport insurance.

 

"But we will not target at individual consumers," Wilkins told China Daily. "Our great interest lies in areas such as environmental issues, pandemic preparedness and product liability."

 

As more and more Chinese enterprises expand overseas, more sophisticated risk and insurance solutions are needed, he said.

 

For example, if a Chinese manufacturer wants to open a sales office or float its shares in the United States it will have to meet strict requirements on product and company liability insurance, Wilkins explained.

 

"I believe there is still huge growth potential for China's brokering business, although it may take some time," he added.

 

Industry statistics show that China's brokerage business accounts for less than 2 percent of the insurance market, but that figure in the United States is about 50 percent. Currently, China has some 300 insurance brokers, growing from 2001, when there was not a single one.

 

"We plan to expand our business to Chengdu in southwestern China, but our application is still subject to regulatory approval," Wilkins said.

 

In preparation for its license application, Marsh doubled its staff over the past 12 months and actively recruited and trained staff.

 

"But finding, developing and keeping best people is still the major challenge facing us, especially in such a new sector," said Wilkins.

 

"The entry of more foreign players will give a boost to the overall insurance brokering market and enhance local players' strengths with more fierce competition," said the manager of a leading local insurance broker, who asked to remain anonymous.

 

Marsh is arranging insurance for the 2008 Beijing Olympics by performing risk assessments. Its China operation contributed less than 1 percent to its parent's $12 billion revenue in 2005.

 

(China Daily January 24, 2007)