CHONGQING - A new Taiwan-funded property insurance firm opened in the Chinese mainland's city of Chongqing on Wednesday.

The insurance firm was launched as a branch as well as a regional center for Xiamen-based Fubon Property Insurance Co Ltd, a subsidiary of Taipei-based Fubon Financial Holdings Co Ltd.

The new firm, the first Taiwan-funded insurance company in Chongqing, will mainly offer services in the vast western regions of the Chinese mainland, a company spokesman said.

It will first offer services to dozens of Taiwan-funded IT businesses in Chongqing, and then introduce other insurance products and services to local residents and businesses, the spokesman said.

Fubon Financial is the second-largest financial services company by market value in Taiwan, and Fubon Property Insurance Co Ltd was founded in Xiamen in 2010.