Hollard Insurance has signed an agreement which will give it access to the lucrative Chinese market.

South African-based Hollard is a significant player in many insurance operations in Australia, including Woolworths and Real Insurance.

The company has signed an agreement with China’s largest non-life insurance firm, People’s Insurance Company of China, to work together on the development of insurance products and distribution channels in China.

The deal comes five years after Hollard first entered the Chinese market by opening a representative office.

Hollard says the deal took 18 months to negotiate and follows a recent move by the family-owned company into the Indian market.

“In addition to the representative office, Hollard also has a joint venture partnership with a Chinese retail cellphone company and China Pacific Insurance Company, to gain insight into the Chinese individual policy market,” Frans Prinsloo, Hollard’s Chief Development Officer in charge of international operations, said.

“Hollard has also incorporated a niched insurance broking company in Beijing to utilise its experience in China to roll out niched consumer insurance products.”

Hollard CEO Nic Kohler has previously said the company is ramping up its expansion program, mostly through organic growth in key markets in Africa, Australia, Asia and Europe.