Allianz to set up in Guangzhou

German insurance giant Allianz has begun operating a general insurance business in Guangzhou, South China Morning Post said. The business will provide property and casualty insurance coverage to foreign-invested enterprises, Sino-foreign joint ventures and non-mainland Chinese citizens.

Allianz had invested Yn200m to obtain the licence. The group's Asia-Pacific vicepresident said recently that it would invest a further Yn300m to open three more branches – in Shanghai, Chengdu and Dalian.