Liberty Mutual Insurance Group of Boston said it has been granted approval to establish a branch in Shandong Province by the China Insurance Regulatory Commission.
In a press release, Liberty said it received the commission’s approval on Aug. 6 to prepare for a provincial branch in Jinan, the capital of Shandong Province, which is the fourth largest property and casualty insurance market in China.
Upon final commission approval, Liberty will be the second foreign property and casualty insurer in the province, and will offer personal lines products for Shandong’s 96 million people as well as a wide range of commercial lines products for small-to-medium enterprises.
Liberty Mutual has had a presence in China since 1996. Liberty Mutual currently has operations in Chongqing in the west, Beijing in the north, Zhejiang Province in the east, and Guangdong Province in the south of the country.