Global insurance and reinsurance giant Swiss Re has signed a new Cooperation Framework Agreement with China Pacific Insurance (Group) Co., Ltd., deepening ties within the important country.
Swiss Re has long highlighted China as the likely source of significant growth in insurance and reinsurance premiums for the firm and has been active there for many years.
During that time the company has cooperated with Chinese domestic market insurer China Pacific Insurance a number of times, on initiatives ranging from education to specific parametric insurance products.
This relationship continues today and Swiss Re has entered into a new cooperation agreement with China Pacific recently.
The company told us it could not comment on the nature of the partnership, due to confidentiality in the client relationship.
However, it’s assumed that the pair will continue to partner on certain opportunities in the Chinese domestic insurance market, helping Swiss Re to grow its revenue coming from that all-important marketplace.
Swiss Re has previously said that China is the market driving insurance growth for the group of emerging economies, and that it sees huge opportunities in the country and region as a result of the Belt & Road initiative.
By engaging with one of the largest property and casualty insurers in China, China Pacific is second largest P&C player in the country, Swiss Re can enhance its access to risk from China and establish itself as an important partner that can support growth through its capacity and expertise.
