Swiss Re has lost the race to be the first international reinsurer to get its operating licence from the Chinese Government, pipped at the post by Munich Re. The German reinsurer got its licence last week, and Swiss Re expects to get the nod soon. “Race” is possibly the wrong word. Munich Re claims continuous links with China going back to 1956. Swiss Re has had an office in Beijing since 1995.

The reason for the two reinsurance giants’ interest in the Chinese market? Official statistics say the market’s gross premium has grown 44% in just two years to $56 billion.