CIRC Approves Chubb to Open Second Branch in China

Posted on Jul 07, 2010 by Sergio Ulloa (G+)  | Tags: Chubb, CIRC

In a recent announcement, Chubb Corporation shared the news that the China Insurance Regulatory Commission (CIRC) has approved Chubb Insurance (China) Company Limited, its wholly owned subsidiary, to establish a branch in Nanjing, Jiangsu Province, which will be opened by December this year once approvals from the other government authorities is received. Chubb Corporation is one of the leading insurance groups in the world. Their presence in China dates back to September of the year 2000, when they opened their first branch in the City of Shanghai. This first branch was then converted to a wholly owned subsidiary in February 2008. As one of the few global insurance providers specialised in non-life insurance products, Chubb offers security and fire protection services. In China, Chubb provides business insurance solutions including commercial products like General Liability and Employers Liability insurance, specialty insurance, as well as accident and health insurance, which includes Corporate Personal Accident Insurance, Key Person Insurance, and Corporate and Individual Travel Accident Insurance. The presence of a large population on the Yangtze River Delta neighbouring Jiangsu Province, where a vibrant manufacturing sector exists, are perceived as a good opportunity for Chubb to offer innovative insurance products and services, especially considering that this region has consistently performed as a dynamic growth engine for the Chinese economy. In terms of enhancing their global presence, the Jiangsu branch becomes an important addition to the Chubb network of offices, reinforcing their long-standing commitment to The Peoples Republic of China. Insurance Company mentioned: Chubb The Chubb Corporation is a holding company for a family of insurance companies informally known as the Chubb Group of Insurance Companies. The Chubb organisation provides property and casualty insurance to personal and commercial customers through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.