Swiss Re continues overseas expansion with Taipei branch
European reinsurer Swiss Re is set to open a branch office in Taiwan after winning regulatory approval from the Taiwan Ministry of Finance.
The Swiss Re branch, which will sell property and casualty as well as health and life reinsurance services, is expected to open in Taipei before the end of 2004.
Judith Chen, will become General Manager of the new branch, and will lead the non-life business in Taiwan, reporting to head of P&C for Greater China, Franz Josef Hahn.
In a statement Hahn called the development, "a major step for Swiss Re in this important market". He added: "Once Swiss Re receives final approval for a branch office, we can put our leading-edge underwriting expertise on the ground in Taiwan, to provide faster service to clients while gaining even better understanding of local needs, especially in the critical natural catastrophe arena."
Studies by Swiss Re’s Economic Research and Consulting unit reveal strong growth potential in Taiwan's insurance market, with the life and non-life insurance industries continuing to experience inflation-adjusted growth above 4 percent per annum, from 2004 to 2013. Taiwan is currently the fourth largest insurance market in Asia measured by premium income.
Swiss Re opened a liaison office in Taipei in 1995, which employs 17 people. It currently has more than 600 staff in 13 offices in Asia Pacific.