On 6 December, Yuan Linjiang, Chairman of China Re Group, was invited to attend the China Insurance Innovation and Development Conference held in Wuhan, and delivered a keynote speech on “innovation-driven high-quality development, and joint efforts to facilitate the new model of development of dual circulation”.
The conference was co-organised by the Insurance Association of China and the People’s Government of Wuhan, with the theme of “bringing together the power of the insurance industry to promote the post-pandemic rebuilding of Wuhan”. Ma Xueping, chief accountant of CBIRC, Wang Zhonglin, member of the standing committee of Hubei Provincial Party Committee and secretary to Wuhan Municipal Party Committee, Zhao Haishan, deputy governor of Hubei Provincial Government, Zhou Xianwang, mayor of Wuhan, and more than 1,000 participants from more than 200 institutions of units directly under Hubei Province, units directly under Wuhan and insurance industry attended the meeting.
In the keynote speech, Yuan Linjiang said that under the new model of development of dual circulation, reinsurance, as the insurance of insurers, is a bridge connecting the domestic and international insurance markets, and has a unique value in facilitating the innovation of the insurance industry and the synergies of dual circulation.
Firstly, the Company will accelerate the innovation of insurance products to facilitate the flow of circulation in China. Faced with the prominent contradictions between insufficient insurance supply and the multi-level and diversified insurance demands, product innovation is key to further expand the function of protection of insurance in serving the real economy, further expand the coverage of insurance in the area of social governance, and further give play to the function of protection of insurance in the area of health and pension. China Re Group continues to boost innovation and advance stability on the six fronts and security in six areas with the insurance industry by jointly developing products for reinsurance and primary insurance and building insurance pools. In particular, through continuous efforts in key aspects such as catastrophe insurance, construction quality inherent defect insurance (IDI) and ill health pension insurance, the insurance industry is able to provide more comprehensive risk protection for the circulation in China at large.
Secondly, the Company will strengthen innovation through internal and external linkage to facilitate dual circulation between China and the world. The insurance industry in China is still at an early stage of internationalization. Accelerating two-way opening up and strengthening innovation through internal and external linkage are needed. Reinsurance is the best channel to achieve global risk diversification and a typical representative as to expediting the opening up of the entire insurance industry. China Re Group will further play its role as the bridge to help build an international reinsurance center and be better positioned for the diversification of material risks in China to the international market, while enhancing the anti-risk ability of the insurance industry in China and its influence in the global market. In addition to comprehensively strengthening cooperation with the global insurance industry, it will accelerate the introduction of internationally leading insurance products, actuarial pricing and risk management techniques to contribute to the innovative development of the insurance market in China. Through expanding the global cooperation network with a combination of methods, it can fully protect China’s overseas interests.
Thirdly, the Company will accelerate technological innovation and comprehensively improve its ability to serve the real economy. Insurers and reinsurers should focus on meeting the needs of national strategies and expedite the research and development of the basic model and basic platform for national economy and people’s livelihood. They should effectively grasp customer needs and promote cross-industry data development, and also seize the direction of technological innovation and accelerate digital transformation. Embracing technology, China Re Group will promote the continuous upgrade of the “China Re Digital” strategy and join hands with various parties to promote the high-quality economic development by targeting at the areas of internal intelligence, primary insurance of reinsurance and ecological platform.