SCOR Applies for Reinsurance License in China

SCOR Group Chairman Denis Kessler announced in Beijing that the Group has submitted an application to the China Insurance Regulatory Commission (CIRC) for a reinsurance license to reinforce and develop its non-life reinsurance business activities in China.

The SCOR Group reportedly takes the view that the Chinese insurance market is going to continue its rapid expansion and the Group wants to contribute by providing its reinsurance capacity and its risk analysis expertise.

This license application in China is fully in line with the strategic direction to grow the SCOR Group in the Asia-Pacific markets where it has a presence throughout the region through its subsidiaries and representative offices established in Singapore, Hong Kong, Tokyo, Seoul, Sydney, Labuan (Malaysia) and Beijing.

The Asia-Pacific region accounted for 9 percent of non-life reinsurance premiums collected in 2003.