The SCOR group is pleased to have received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China that will enable it to open a branch in Beijing with a view to conducting property & casualty reinsurance transactions.

 

The SCOR group opened a representative office in China in 2000 and submitted a request for a licence to the CIRC in March 2004.  This licence will enable the Group to develop its activities in China in property & casualty reinsurance.  SCOR believes that property & casualty reinsurance in China is going to see a major, recurring increase in demand, carried by expanding economic development and the rapid growth of insurable assets.

 

This licence in China will enable the Group to speed up its development in the Asia-Pacific region, which is a priority region for SCOR.  SCOR has operating entities in Japan, Korea, Hong Kong, Thailand, Malaysia, Singapore and Australia.  Premium income for property & casualty reinsurance in the region should reach EUR 160 million in 2006.  Premium income for Life reinsurance in the region should reach EUR 55 million in 2006.