Aon reaffirms commitment to Chinese market

The broker's first Sino-foreign JV arm recently celebrated its 20th year

Aon reaffirms commitment to Chinese market

Insurance News

By Kenneth Araullo

Aon will increase its support of its first-ever Chinese joint venture (JV) insurance brokerage in the country to continue seizing opportunities, as expressed by Aon-COFCO Insurance Brokers general manager Dia Jia.

Jia reaffirmed the global broker’s commitment to the Asian behemoth as Aon-COFCO, Aon’s first Sino-foreign JV insurance broker celebrated its 20th year in China.

“Even amidst increasing volatility in an unpredictable market, Aon-COFCO delivered data, insights and advice for clients through the combination of international know-how and local insights, setting a benchmark for better decisions and adding to the overall level of risk management in the China market,” Jia said. “In the future, we will continue to leverage the expertise of our Chinese and foreign shareholders to deliver comprehensive, global risk solutions and services that cover the entire lifecycle. Our ultimate goal is to become a premier professional risk management advisor for our valued clients."

Aon-COFCO started out as early as 2003 as a joint venture between global brokerage Aon and China National Cereals, Oil & Foodstuffs Corporation (COFCO), a large conglomerate in China. The broker has secured the top position among JV brokers with its revenue in 2021, according to the Yearbook of China’s Insurance 2022. Today, the broker’s clients span a vast array of fields such as high-tech, new energy, life science, chemical, automotive, heavy industry, mining, electricity, hotel, logistics and warehousing, fast-moving consumer goods, agriculture and food, and film and entertainment, among others.

“As an intermediary connecting domestic companies with international resources, Aon-COFCO plays a crucial role in helping organizations protect and grow their business. Focusing on serving the ‘real economy,’ we aim to lead the industry's development by exemplifying the principle of ‘insurance for the people,’ while contributing to the national strategies for the greater good of all,” Jia said.

“In the future, Aon-COFCO will continue to journey forward, exerting every effort to achieve the vision of becoming the preferred and trusted comprehensive risk solution provider for clients in the Chinese market. As such, we will raise the bar for risk management standards for domestic enterprises while exploring more imaginative and innovative horizons with an unwavering focus on delivering top-notch professional services,” Jia said.

More recently, two McKinsey partners also shared their views on breaking through the Chinese life insurance market as well as their advice for MNCs looking to make the best once they get through.

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