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Willis China--part of Willis Group Holdings P.L.C.--has been granted approval by the Chinese Insurance Regulatory Commission to open a new office in the megalopolis of Chongqing.
According to Willis, that is a first for a foreign-owned broker. The new office will bring the number of Willis' offices in China to 21.
With a population of 32 million spread over an area twice the size of Taiwan in central-west China, Chongqing is the world's biggest municipality, according to Willis. The city has a key location as an economic center on the upper reaches of the Yangtze River where its growth is fuelled by heavy industry and a mix of business from the life sciences, automotive, electronic, food and textile sectors.
“As Chongqing, and indeed China, continue to grow at pace, so too do the risk management requirements of their commercial sector,” said Willis China CEO Mitchell Ma in a statement announcing the move.