Major US insurer moving to Chongqing

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Last updated at: (Beijing Time) Monday, November 24, 2003

Major US insurer moving to Chongqing

Liberty Mutual Insurance Group, the second largest property and casualty insurer in the United States, is set to open its first China branch here in January.

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Liberty Mutual Insurance Group, the second largest property and casualty insurer in the United States, is set to open its first China branch here in January.

The opening of an office in this western China metropolis marks the latest step in Liberty Mutual's expansion on the Chinese mainland.

The company plans to use Chongqing as a springboard to gradually expand to other areas of China, especially Beijing and Shanghai, which are home to numerous multinational operations.

John Kimber, managing director of China Development, Liberty International, outlined the expansion plans at the Fifth China Safe Work Forum last week. The forum was jointly sponsored by the State Administration of Work Safety and Liberty Mutual.

Kimber said he and his colleagues are deeply impressed by China's achievements in the sector of work safety. As Chinese firms, especially those in Chongqing, are competing or are going to compete in the global economy, prevention of work site casualties and effective control and reduction of accidental losses will not only help them cut down costs, but also build a good reputation in the business arena.

Liberty Mutual Chongqing Branch will be restricted to offering property and casualty insurance to overseas-funded ventures in the municipality.

Kimber said Liberty Mutual, which has sponsored five such forums since 1999, will explore the business potential of commercial vehicle safety insurance in Chongqing.

Liberty Mutual Chongqing Branch hopes to become profitable in five to eight years.

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