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Taiwanese insurer eyes Haixi market

Taiwanese insurer eyes Haixi market

Taipei, Jan. 29 (CNA) King Dragon Life Insurance, a joint venture between Taiwan Life and Xiamen C & D Investment, opened its first branch office in Fujian Province Friday, setting the stage for its exploration of the potentially huge market in the Haixi Economic Zone.
King Dragon Life, established in December 2008 and headquartered in Xiamen, was the first Taiwan-China joint-venture life insurer to set up business on the mainland, under China's policy to develop the Haixi Economic Zone on the west side of the Taiwan Strait.
The zone comprises Fujian province and 14 neighboring cities in Zhejiang, Jiangxi and Guangdong provinces.
"King Dragon Life's next goal is to set up another branch in Hangzhou to a gain a foothold in that zone, from where it hopes to eventually expand its business operations to the rest of China," said Taiwan Life Chairman Chu Pin-yu.
Chu said that unlike the Taiwan insurance market which has become increasingly saturated, the insurance sector in China is just beginning to burgeon.
"The per capita insurance premium in China is US$78, compared to US$2,300 in Taiwan," Chu said.
King Dragon Life's operations in 2010 will focus on expansion of individual life insurance, bank insurance and group life insurance.
(By Yu-pin Tien and Deborah Kuo)




Updated : 2021-03-05 15:54 GMT+08:00