Foreign insurance brokers enter China market: Report

These are the first foreign-funded companies approved in the sector since 2018.

Two foreign-owned insurance brokerage companies, BMW (China) Insurance Brokers and ERGO-FESCO Broker Company, have obtained permits to conduct insurance brokerage business in China, marking a significant step in the country's financial opening up, Xinhua News Agency reported. 

These are the first foreign-funded companies approved in the sector since 2018, according to the National Financial Regulatory Administration (NFRA).

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The companies have been granted authorisation to engage in insurance brokerage activities, including developing insurance plans for policyholders and reinsurance brokerage, within the Chinese mainland. 

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The company plans to accelerate business expansion in 2024, supporting the BMW Group's transformation toward electrification, digitization, and circular sustainability.

ERGO-FESCO, co-established by ERGO (a major insurance company in Germany and Europe) and Beijing Foreign Enterprise Human Resources Service, sees China as a key strategic investment market.