Willis is about to become the first global insurance broker in the world’s fastest-growing urban centre.

The London-based Willis Group said the Chinese government has granted it permission to open a new office in the city of Chongqing. The new addition will bring the company’s total number of offices in China to 21.

With a population of 32 million people, the city of Chongqing in Southwest China is the world’s largest municipality and has become a major economic hub for industrial activity. The mega city has a key location as an economic centre on the upper reaches of Yangtze River where its growth is fuelled by a mix of business from the electronics and automotive manufacturing, to food processing, textiles and agriculture.

Natural resources are also abundant there with large deposits of coal, natural gas and other minerals. It’s one of the nine largest iron and steel centres in China and one of three major aluminium producers.

It’s also where China is building one of its largest oil refineries. Projects like that and the building of power plants, railways, subways, ports, and other infrastructure, make Chongqing an attractive market for insurance companies like Willis.

“As Chongqing, and indeed China, continue to grow, so too do the risk management requirements of their commercial sectors. This move will enable us to be close to our clients and markets so that we can fully understand their challenges and provide them with the best quality services backed by Willis’ global resources.”

While China may be the fourth-largest economy in the world, from an insurance standpoint, it’s not that large. Still, it’s one of the fastest-growing insurance markets in the world.

“We are proud to open an office in this very important city,” Mr Ma added. “We will do our best to bring added value and new services to Chongqing to play our part in the further development of the regional insurance market.”

Willis, which has, by far, the largest branch of any international broker in China, employs 330 people in China who offer insurance and risk-management products to mid-sized and large companies there.