On 28 July, the Inaugural Meeting and First General Meeting of Members of China Belt and Road Reinsurance Pool (hereinafter referred to as "the CBRRP" or "the pool") was held in Beijing. The CBRRP was jointly initiated and established by China Re Group, China Re P&C, PICC P&C, PICC Re, CPIC Property Insurance, Ping An P&C, China Life Property Insurance, China United Insurance Group Company Limited, Taiping General Insurance Company Limited, BOC Insurance and Huatai P&C Insurance. Liang Tao, vice chairman of China Banking and Insurance Regulatory Commission (the "CBIRC"), Li Youxiang, head of the property and casualty insurance department (reinsurance department) of the CBIRC and representatives of the 11 sponsoring companies witnessed the establishment of the CBRRP together.
The CBRRP will leverage institutionalized arrangements and commercialized models to focus on special risk areas where overseas risk management is urgently needed but domestic technology is relatively weak, fully integrate domestic insurance industry strengths, mend industry protection shortcomings, deepen policy implementation effects, build an industry exchange platform and enhance service capacity and standard for the Belt and Road Initiative (the "BRI"). This is a key initiative made by the insurance industry to form a synergy in serving the BRI, marking a solid step forward for the insurance industry to advance the BRI with high-quality services.
Liang Tao, vice chairman of the CBIRC, pointed out that the CBRRP aims to unite and assemble the strength of domestic insurance industry, in order to realize the aggregated synergy effect of "1+1>2".
Looking ahead, the CBRRP should continue to improve its mechanisms, focusing on the effectiveness and long-term effects and leverage its role as a policy promoter, risk stabilizer and industry facilitator, providing insurance services for international and regional cooperation in a wider, broader and deeper scope. The CBRRP is an open platform for cooperation, insurers are welcomed to join the pool and co-write a splendid new chapter of serving the BRI construction through high-quality insurance protection.
Yuan Linjiang, chairman of China Re Group, stated in his delivered speech that China Re Group, based on its sense of mission and responsibility as a national reinsurer, proposed to found the CBRRP, organized topic researches and led the preparatory work. The pool was formally established after more than three years of thorough reasoning and careful preparation. With the joining of more member companies, the pool will widen its service range, deepen its service fields and bolster its service strengths, and is bound to become a shining business card of China's insurance industry in serving the BRI construction.
In the meeting, the sponsoring companies signed the Charter of China Belt and Road Reinsurance Pool, and clearly stated that China Re Group shall act as the presidency of the CBRRP, PICC P&C serves as the presidency of the CBRRP council, and China Re P&C serves as the management institution of the CBRRP. China Re Group, PICC P&C, CPIC Property Insurance, Ping An P&C serve as the council units of the CBRRP. He Chunlei, president of China Re Group, serves as the chairman of the CBRRP.
He Chunlei, chairman of the CBRRP and president of China Re Group, said in his speech that the CBRRP is an important institutional innovation for China’s insurance industry to provide high-quality, high-efficiency and all-around services for the BRI. Being on the track as guided by the CBIRC, the CBRRP is ready to assume the mission as a pioneer of BRI risk management, unite strengths from various industry sectors, firmly implement the decisions and deployments of the insurance industry serving the BRI, continuously improve its core competitiveness, create a mutually beneficial and win-win industry platform, and become an important supporting force of the BRI risk protection system.
Feng Xianguo, vice president of PICC P&C, said that all council member companies will commit themselves to improving service capacity, taking up responsibility while deploying and implementing due tasks as soon as possible and shoulder industry responsibilities in a bid to lead the CBRRP to deliver greater contribution for the BRI.
In the future, the CBRRP will stay abreast with national policies, accurately grasp the needs of the "going global" enterprises, continuously expand service scopes, play a leading role in policy coordination, and provide more comprehensive and stable risk protections for the BRI.