Marsh & McLennan has announced that its insurance broking unit has become the first company to be awarded a license to run a wholly-owned foreign enterprise in China's insurance sector, the Wall Street Journal reported. "It means we can operate our business in the same way we do in the United States or Europe or anywhere else in the world," said Paul Wilkins, Marsh CEO for Greater China. According to the US company, it will be able to receive commission for providing insurance services to large foreign and domestic business clients in China. As a broker, it does not underwrite insurance but finds the best coverage for those it represents, although so far it has only been able to act in an advisory capacity in China. Insurance broking represents just 2% of the country's US$16 billion insurance market, excluding life insurance.
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