The Shanghai Insurance Exchange’s international reinsurance trading platform, which was launched last month, recently signed its first inward business agreement at the sixth China International Import Expo.
AXA Hong Kong Property & Casualty Insurance was the original insurer, while AXA Tianping Property & Casualty Insurance served as the reinsurer.
The trade involved the cross-border motor insurance business in the Guangdong-Hong Kong region.
The two insurers are registered with the Shanghai reinsurance market’s international board, and completed the deal through its global reinsurance trading platform, according to reports.
Wang Junshou, Head of the China Banking and Insurance Regulatory Commission’s Shanghai office, at the signing ceremony, emphasised that the deal marks a milestone in building Shanghai into an international financial centre.
“The international board is an important platform and window for China to take part in the global reinsurance market and boost its pricing power and voice in the field,” Junshou said.