Jane Chen / Shanghai Daily news

South Korea-based Samsung Fire & Marine Insurance (China) Co Ltd opened for business yesterday in Shanghai, becoming the first overseas property insurance firm operating on China's mainland, the Oriental Morning Post reported.
The parent company, Samsung Fire & Marine Insurance Co Ltd, received approval in March from China's insurance authority to set up the wholly-owned subsidiary based on the success of its Shanghai branch, which was established in April 2001.
Hoping to cash in on China's booming property insurance sector, the newly opened subsidiary is planning to set up branches in cities and areas where South Korean are concentrated, such as Beijing and Jiangsu and Shandong provinces.