Three new foreign insurers approved

The Chinese authorities have given permission to three more foreign insurers to set up operational units in the country, bringing to 34 the total number of overseas insurers allowed to do business, China Securities said. The new companies are Liberty Mutual Insurance of the US, Japan Property Insurance Co and the UK's Standard Life. The first two will set up their own units to sell property-related policies, while Standard Life plans to set up a life insurance joint venture with Tianjin Taida Investment Co, to be called Heng-An Standard Life Insurance. Each partner will contribute 50 per cent of the Yn1.3bn investment, making it the largest joint venture life insurance firm in China.