Chartis Insurance Company China, a wholly-owned subsidiary of Chartis, has obtained approval from the China Insurance Regulatory Commission (CIRC) to establish a Jiangsu branch in the city of Nanjing.

With the establishment of Jiangsu branch, Chartis China will have five branches including Shanghai, Guangdong, Shenzhen, Beijing and Jiangsu, strengthening its position as the largest foreign P&C insurer in China.

Chartis China president and CEO John Carey said that Chartis considers China an economic growth leader within the Asia Pacific region. Jiangsu was our strategic choice for geographic expansion within China because of its economic development and great potential for P&C insurance.

"We look forward to offering innovative products and quality services to customers in Jiangsu, and contributing to the sustainable growth of the insurance market in that province," Carey said.

Located on the east coast adjacent to Shanghai, Jiangsu province is one of the biggest provinces in China in terms of GDP, population, exports and foreign direct investment.

With nearly 80 million people and about 10% of the national GDP, Jiangsu province is one of the largest provincial P&C insurance markets in China.