5th Insurance China International Summits took place in Shanghai

rThe trends in the insurance industry is the main topic addressed during the two-day that took place place on 21-22 September 2017 in Shanghai.

During the introductory address, it was stated that, as an insurance market, China has still a large gap in comparison with other countries. The "One Belt One Road" Initiative is a true opportunity for China in this regard.

According to SWISS Re, robust premium growth in China supported the emerging markets share of global premiums in 2016 - as China is among the world's largest insurance markets. In fact, the country has just surpassed the Japanese one and is second only to the US. The potential is huge, experts agree.

Alpha HO, Market Development Manager, CII-Chartered Insurance Institute
  • We are honored to have here today distinguised speakers and guests from China and abroad
  • The Chinese insurance market generated premium income of 3.1 trillion yuan in 2016, thus surpassing Japan. This represents an year-on-year rise of approximately 30%. 
  • CIRC-China Insurance Regulatory Commission plans to impose stricter rules for the future

Alexandru CIUNCAN, Managing Partner XPRIMM, Member of EIOPA's IRSG & OPSG

  • Europe produces something around 31% of global premiums. The continent was surpassed in 2016 (according to SWISS Re data) by Asia (31,5%), who had the biggest growth for the first time, consistently fed by the Chinese market
  • The CEE is one of European market's growth reservoires because of the low insurance penetration degree and density shown by almost all its markets as compared with the mature West European markets; yet, as purchasing power is also low, the region is still far by reaching its potential
  • The main driving forces of change in insurance are: consumer needs and preferences, technological advances and regulation
Zhao LIPING, Executive Vice President, BEIJING Insurance Research Institute
  • Our mission is to improve the status of the insurance industry and to conduct research on the policy and rules of the financial sector. The institute was established by the CIRC and already gained quite a reputation as a think-tank in the country.
  • In 2016, under the leadership of CIRC, we have done a lot in order to support the development of the Chinese insurance market.
  • Together, Government power and private capital can solve any challenge
  • The global markets will also benefit from the internationalization of the Chinese insurance market
  • There are many opportunities for which we need to have a common vision.
Cynthia YUAN, General Manager of Risk Management Department, SUNSHINE Insurance Group
  • C-ROSS requirements related to risk management are very high.
Sheldon YU, General Manager of Risk Mgmt Dept., CRO of FOSUN Insurance, FOSUN Group
  • Enhancing regulation has been a priority of the Chinese regulator CIRC in recent years
  • Futher regulation focusion in life insurances is about to come into force in China
WANG Zhijun, Director of Strategy Development Dept., CHINA Life Property & Casualty Insurance 
  • We need to deepen the reforms in the financial services industry, which needs to serve the real economy
  • The Chinese market is now the second biggest in the world, so this huge insurance industry plays a major role in the economy.
WEI Bolin, General Manager of Rural Insurance and Poverty Alleviation Department PICC Property and Casualty
  • PICC has a lot of responsibility from a social point of view, as it is a department of the Government. The company was set-up in 1949.
  • PICC P&C is China's largest insurer of casualty insurance. It is licensed to provide all major lines of insurance. The society is the designated agent within China for most international insurance companies. PICC has branch offices in UK and the US.
  • Poverty alleviation thru insurances is a major topic of interest in China
Makoto (Mack) OKUBO, General Manager, International Affairs Nippon Life Insurance Company
  • APFF-Asia-Pacific Financial Forum is a regional platform for collaboration among public sector, private and multilateral institutions to help accelerate the development and integration of financial markets and services in the APEC region. Some 150 organisations are members. 
  • The APFF is working towards bridging the infrastructure and investment gap. We promote infrastrastructure as a defined asset class and increased fiscal spending by Asian sovereigns within macroeconomical parameters suitable for developing economies.
  • Metaphorically speaking, insurance companies face two major types of risks: - the risk of not looking good today under the current market and - the risk of not being able to catch up with future growth. So our proposal is for companies to have a more realistic asset mix, taking the future into consideration.
Antony LEWIS, Director of Research, R3
  • Business are increasingly interconnected but data is still contained in silos. Therefore, existing technology can no longer support existing B2B workflows
  • Distributed ledger technology offers, for the first time, traceable digital assets and transparent shared processes thru smart contracts, without any third party involved and with full confidence in the data.
  • In the case of the insurance industry, block chain can be used in a similar fashion with other industries.


Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

2018-12-13

Five CEE re/insurers have an "A" rating from A.M. Best

Among the re/insurance companies rated by A.M.Best there are 23 entities domiciled in the CEE, SEE and CIS regions. Out of this total, 5 companies have an "a" Issuer Credit Rating (ICR) and an "A" Financial Strength Rating (FSR)

2018-12-06

A.M. Best announces ESMA registration for new Amsterdam office

A.M. Best has announced that it has been registered as a credit rating agency (CRA) by the European Securities and Markets Authority (ESMA) to provide ratings through its new subsidiary, A.M. Best (EU) Rating Services B.V., based in Amsterdam, the Netherlands.

2018-12-06

The CEE real estate market - increasing demand for title insurance

"Fifteen years after its introduction, title insurance continues to play a growing role in the CEE real estate market," Jean-Bernard WURM, Co-Founder & Managing Director of Secure Legal Title, London said talking to Property Forum about the trends in the CEE region's real estate sector.

2018-11-29

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all