Fubon Insurance Co (富邦產物保險), the non-life insurance arm of Fubon Financial Holding Co (富邦金控), said yesterday that one of its subsidiaries, Fubon Property & Casualty Insurance Co (富邦財產保險), has obtained the green light from the China Insurance Regulation Commission to set up a branch in Chongqing, China.
The insurer said it would be the first time it has extended its presence in China’s Fujian Province to the Chinese hinterland.
Fubon Insurance set up Fubon Property & Casualty Insurance in the Fujian city of Xiamen in October last year as a first step in targeting the growing Chinese market. The subsidiary also runs a branch office in Fuzhou, also in Fujian Province.
Fubon Insurance chairman Shih Tsan-ming (石燦明) said that after one year of operations in Fujian, the insurer has built up experience in serving customers in China, particularly Taiwanese investors who operate there.
Fubon Financial chairman Daniel Tsai (蔡明忠) said that as more Taiwanese investors are using Chongqing as a springboard into western China, the financial firm is determined to bring a wide range of services, in insurance and banking, to an increasing number of potential clients.
Meanwhile, Fubon Life Insurance (富邦人壽), also an insurance arm of Fubon Financial, is waiting for approval from the Chinese regulator to set up a 50-50 joint life-insurance firm in Nanjing, Jiangsu Province, with Nanjing Zijin Investment Co (南京紫金投資公司).
Fubon Financial said Taipei Fubon Commercial Bank (台北富邦銀行), its banking arm, is scheduled to set up a representative office in Suzhou, Jiangsu Province, by the end of the year.