5th Insurance China International Summits took place 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
- 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.
- C-ROSS requirements related to risk management are very high.
- 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
- 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.
- 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
- 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.
- 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.