Reinsurance News
China
China’s insurance and reinsurance market has been growing rapidly in recent years, alongside the country’s economic development. Data suggests that the growth rate of the China insurance and reinsurance market has significantly outpaced domestic GDP growth, while both insurance density and penetration has been increasing at pace.
Read our China insurance or reinsurance news and analysis below.
Peak Re sees opportunities ahead after China & Hong Kong sign regulatory deal
28th July 2017
Peak Re said the concept behind the Hong Kong and China insurance regulators' agreement to mutually recognise both market’s solvency regimes is very positive step for Hong Kong and one which the Asian reinsurer believes will open up fresh opportunities for forging new alliances for its underwriting of Chinese business. The ... Read the full article
Chinese insurer Sinosure backs Iran deal to fund railroad construction
27th July 2017
Chinese insurer Sinosure, China Export and Credit Insurance Corporation, will finance $556 million, or one-third of a $2.56 billion contract with Iran, to fund the electrification of a nearly 1,000 km railroad from Tehran to Mashhad, said the Financial Tribune. The remaining two-thirds of the loan will be financed by the ... Read the full article
Ironshore launches Project Cargo Consortium to service China’s Belt & Road Initiative
26th July 2017
Ironshore’s Pembroke Managing Agency has launched a Project Cargo Consortium with a capacity limit of up to U.S. $178 million to expand Lloyd’s China platform for increased coverage of the Belt & Road Initiative. The cargo consortium aims to service one of the world's greatest infrastructure programmes; ... Read the full article
Swiss Re & Ping An partner on mobile parametric insurance for Chinese typhoon risk
7th July 2017
Swiss Re has partnered with Chinese property and casualty insurer, Ping An, to offer China's first ever mobile-enabled parametric cover for property insurance for typhoon response and post-disaster recovery for high-risk regions. Under the agreement, Swiss Re provides reinsurance and technological support as well as its catastrophe models and data on natural ... Read the full article
Swiss Re signs MoU on disaster resilience with City of Dalian, China
6th July 2017
At last week's World Economic Forum Summit in China, Swiss Re signed a Memorandum of Understanding (MoU) with the Chinese Dalian city administration to improve its comprehensive insurance programme for disaster resilience. The programme includes catastrophic insurance solutions to protect against natural and man-made disasters such as fire and explosion. Vice Mayor ... Read the full article
China & emerging markets driving global insurance premium growth
5th July 2017
Global insurance premium growth totalled 3.1% in 2016, a decline when compared with the previous year, and with much of the expansion coming from China and other emerging markets, according to the Swiss Re Institute's latest sigma study. Global insurance premium growth declined from the 4.3% reported in 2015 to 3.1% in ... Read the full article
China safeguards its green energy revolution with index insurance: Swiss Re
28th June 2017
Along with wind and sun, China has harnessed the power of insurance to catalyse its clean energy revolution, after having successfully pioneered government led re/insurance partnerships to safe-guard regional development with an index insurance scheme that makes a post-disaster payout to local government. China is the world's largest producer of renewable energy ... Read the full article
Emerging markets – the flagbearer of re/insurance growth: EY
31st May 2017
Emerging markets are the primary drivers of global re/insurance growth, new figures released by EY in its latest market trends report estimate that the average real global re/insurance industry growth rate will increase by 3.7% over 2016 to 2018 - and this growth is being led primarily by booming developing markets. Over the ... Read the full article
China’s PICC to self reinsure with PICC Re
16th May 2017
China's PICC Property & Casualty (P&C) Company Limited has entered into a reinsurance arrangement with the parent owned PICC Re reinsurance company. PICC P&C is part of the People's Insurance Company (Group) of China Limited, which also owns the reinsurer PICC Re. The paid have entered into an agreement which will see ... Read the full article
CIRC’s finalised offshore reinsurance collateral requirements more relaxed
9th May 2017
The Chinese insurance industry regulator, the China Insurance Regulatory Commission (CIRC), has released its final requirements for collateral in cross-border reinsurance business, which relaxes some of the previous requirements. After a consultation period the Final Version of the 'Notice Relating to Collateral Provided by Offshore Reinsurers' has been released by the CIRC, ... Read the full article
Guernsey and Beijing sign MoU for captive business expansion
16th March 2017
Guernsey's Finance Chairman Lyndon Trott has finalised a Memorandum of Understanding (MoU) with Beijing Airport Economic Core Zone, BAECZ, to expand its captive business in China. Under the MoU, both parties have agreed to cooperate in captive insurance market development, financial innovation, and information exchange. The move is intended to aid Chinese captive market development both ... Read the full article
China Re reports $845m of written premium for first two months of 2017
16th March 2017
China is a target market for insurance and reinsurance players, but lately it hasn't been particularly easy-going, with reports of major reinsurers pulling-back as domestic players begin to dominate the market. Today, China Re, the largest domestic player in both insurance and reinsurance, has reported its premium income for the ... Read the full article
China ramps up regulation for offshore reinsurers
14th March 2017
China has set up an offshore reinsurance credit risk deposit scheme, requiring offshore reinsurers to hold credit with a domestic company to protect against what it sees as high offshore credit risk. The Chinese insurance and reinsurance industry regulator, the CIRC, introduced the scheme in a statement released yesterday after labelling ... Read the full article
Hong Kong government urged to support reinsurance industry growth
13th March 2017
As Hong Kong reinsurance placements see losses to China and other competitors, the government has been advised by the Financial Services Development Council (FSDC) to take measures such as tax incentives, talent development or preferential rental prices, to support the local reinsurance industry. A member of the FSDC, Winnie Wong, told a press ... Read the full article
RMS releases new India and China agriculture risk models
13th March 2017
Catastrophe risk modeller, RMS, has launched new agricultural risk models for India and China and plans to expand coverage further into Asia-Pacific and the Americas as part of a strategic focus to help clients close the coverage gap. RMS also announced plans to reveal a series of risk models and updates ... Read the full article
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