GENERALI OBTAINS CHINA NON-LIFE LICENCE

Italian insurer Generali has been given a “definitive licence” by the China Insurance Regulatory Commission (CIRC) to operate in the Chinese non-life sector. Generali said that the approval meant that its Chinese joint venture, Generali China Insurance Co, would become the first partly foreign-owned company in the Chinese non-life sector. Generali partners China National Petroleum Corp (CNPC) in China. Generali China Life, the companies’ life assurance JV, is the second-largest partly foreign owned assurer in China. Generali said that it would soon be beginning a gradual expansion of its non-life operations throughout China.