Reinsurance News

State-backed agricultural reinsurer approved in China: reports

28th August 2020 - Author: Charlie Wood

A new state-backed agricultural reinsurer has been approved by China’s banking and insurance regulator, according to reports from Xinhua News Agency and Reuters.

ChinaThe company is reported to have been established with $2.34 billion in registration capital.

Among the nine shareholders to have co-established the reinsurer are the Ministry of Finance, China Reinsurance Group Corp, and Ping An Property & Casualty Insurance Co.

State-backed Xinhua News Agency says the firm will look to help expand the insurance coverage of catastrophe losses while safeguarding the country’s agricultural production.

According to analysis from a Swiss Re Institute report, China’s insurance industry is performing robustly, with premium growth returning quickly to its pre-pandemic trend rate.

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The reinsurer expects China’s insurance industry growth to be the strongest worldwide in 2020, and believes double-digit growth in the country will resume in 2021.

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