British insurer Willis Towers Watson has added Shanghai to its global property and casualty hub in a bid to enhance its global placement model.
The Global Markets P&C Hub, which was initially focused on the coordination of placement activity in London, Bermuda and Singapore, is aimed at unifying the operations of the insurer’s placement teams.
The addition of Shanghai enables the hub to facilitate increased collaboration across the Asia Pacific region, Willis Towers Watson noted.
The hub is expected to expand into other countries this year as part of its second phase.
With over 145 experts globally, the Global P&C team collaboratively assesses client needs to establish the best marketplace for placements, stated the insurer.
Willis Towers Watson head of Global Markets P&C Garret Gaughan said: “We are delighted to be broadening the reach of our Global P&C hub which will ensure we continue to provide our clients with access to the best solutions available in the global marketplace.
Gaughan added: “The addition of Shanghai to the Hub demonstrates Willis Towers Watson’s commitment to delivering innovative solutions and support to our clients through challenging times, including in the Asian region.”
Willis Towers Watson China head Wise Xu noted that the addition of Shanghai to the Global Markets P&C Hub reflects the strategic importance of the China insurance market.
He said: “Clients in China can now access global insurance capacity more efficiently through our Shanghai hub and benefit from our truly global marketplace strategy.
“At the same time, the dynamics of China’s emerging markets will also provide competitiveness and flexibility to our global clients. This will help to introduce more innovative solutions to the Chinese insurance market to satisfy the risk transfer needs of clients in China.”
Willis Towers Watson obtained a full license to transact all lines of insurance business in China in 2018. The country is considered to be the second-largest market for insurance globally, after the US.