Marsh has won approval to open a wholly owned insurance broking company in China after the country fulfilled its commitment to the World Trade Organisation to open its insurance market to foreign investment from December 11 last year.

The world’s largest broker says it is the first insurance broker to receive a wholly owned foreign enterprise licence in China.

Under the terms of the new licence, Marsh’s existing risk consulting business – established in 1982 – will expand to include brokerage for insurance of large-scale commercial risk, reinsurance, and international marine, aviation and transport insurance.