UK insurer Aviva has become the first foreign insurance company to open an office in Xiamen, Fujian Province, China. The Aviva-Cofco venture had earlier opened a provincial branch in Fuzhou.
Xiamen, located on the east coast of China, is a major developing city with 1.24 million people. It is ranked ninth in China in terms of welath, with a per capita income of US$4,660. The aim is to win a 10% marketshare by 2010, says Aviva.
“As in other markets, Aviva-Cofco will strongly promote the multi-channel distribution model in Xiamen,” says an Aviva spokesman.
The Xiamen office means Aviva – Cofco now has a presence in 11 cities in China, through four branches and seven sales offices.