China has approved eight more foreign insurance companies to operate or expand their business in the country, said Xinhua. The companies are CNP of France, Surich Insurance of Sweden, Allianz and Gerling- Konzern Allgemeine of Germany, Transamerica Occidental Life of the US, Commercial Union and Royal Sun Alliance of the UK, and a Shanghai-based joint venture with investment by French group AXA.
The approvals in October were the last to be granted under the pre-World Trade Organisation system that placed a restriction on the number of licences given to foreign insurers.