On 15 April, the third members’ meeting of the China Belt and Road Reinsurance Pool (hereinafter “the CBRRP”) was held in Beijing. More than 90 people from the China Banking and Insurance Regulatory Commission (“CBIRC”), the State-owned Assets Supervision and Administration Commission (“SASAC”) of the State Council and the Pool’s 20 member companies and eight observer companies attended the meeting.
The meeting focused on thoroughly implementing the spirit of the Fifth Plenary Session of the 19th Central Committee and the 14th Five-Year Plan, at which the CBRRP work progress since its establishment was summarized, its priorities for the year were laid out, and relevant proposals were reviewed.
Li Youxiang, Director of the Property and Casualty Insurance Supervision Department of the CBIRC affirmed the achievements of t the CBRRP since its establishment, indicating that the CBRRP has given full play to its organizational advantages in concentrating efforts on major events as well as reinsurance’s unique professional and technical advantages, thus achieving tangible results in terms of improving service capabilities, advancing policies, assuming responsibilities and other aspects. He put forward requirements for the CBRRP’s priorities this year. With Xi Jinping’s thought on socialism with Chinese characteristics for a new era as the guidance, the CBRRP should closely focus on the relevant requirements for promoting and co-building the high-quality development of the “Belt and Road Initiative”, improve and perfect the specialty insurance mechanism for overseas Chinese-funded interests, and give full play to the role of insurance protection in supporting Chinese enterprises to actively participate in the reshaping of the international industry chain. The member companies should jointly expand the size of the CBRRP, improve risk protection capabilities, continuously develop insurance products that are more suitable for Chinese companies, accelerate the promotion of business data standardization, and provide customized risk solutions. The governing companies should give full play to their leading role in guiding the CBRRP to develop to a new level. The administrative institution should serve and coordinate well to ensure that the CBRRP is operated in a healthy and sustainable manner.
Dai Xi, Deputy Director of the Bureau of Planning and Development of the SASAC of the State Council, said that it is necessary to gain a deep understanding of General Secretary Xi Jinping’s judgment and analysis of the new situation, and clearly realize that central enterprises are always facing many risks and challenges when participating in the building of the “Belt and Road Initiative”. It is hoped that the CBRRP can become a bridge for real cooperation between central enterprises and insurance businesses, promoting the mutual fostering and coordinated development between the real economy and the financial industry, and pooling industry wisdom to support central enterprises to establish and improve overseas risk management systems; promoting insurers to establish closer cooperative relations with the central enterprises in innovating and providing services such as business environments, cooperation needs, and risk reminders in key countries to enrich insurance products; and coordinating industry forces to provide central enterprises with a package of “insurance + service” solutions to jointly support the high-quality development of the Belt and Road Initiative.
He Chunlei, Chairman of the CBRRP and President of China Re Group, pointed out in his speech that the CBRRP should take the initiative to actively participate in the construction of the Belt and Road risk management system and the formulation of international rules, strengthen the top-level design of the insurance industry to serve the “Belt and Road Initiative”, accelerate supply innovation and capacity building, drive the entire industry to improve the level of Belt and Road services, actively strengthen exchanges and cooperation with international regulatory agencies and insurance peers, consolidate the resources of banks and other financial institutions as well as third-party risk management service providers, build a Belt and Road risk protection ecosystem, and promote and strengthen the brand of the CBRRP.
During the meeting, a business seminar was held at the same time to introduce to industry representatives in detail about engineering insurance DSU underwriting and cases, political violence insurance underwriting and cases, and the key points of the CBRRP’s business process. The participants spoke enthusiastically and conducted an in-depth exchange of ideas, offering suggestions for the sustainable development of the CBRRP.