China's reinsurance strengthens its responsibility and provides high quality service to the construction of the Belt and Road
On May 9th, the 213rd regular conference of banking and insurance industry was held in Beijing. He Chun Lei, Vice Chairman and President of China Re, introduced the measures and achievements of China Re in the service of the Belt and Road under the theme of "strengthening the reinsurance responsibility to provide high quality service to the construction of the Belt and Road". President He was accompanied by Li Wei, General Manager of Strategic Customer Department of China Re, and Wang Zhongyao, Assistant General Manager of China Re P&C. The conference was attended by more than 30 journalists from mainstream media in China.
He Chun Lei pointed out that with the deepening of the construction of the Belt and Road, "going global" enterprises urgently needed to build a commercial, sustainable, perfect and reliable security protection for overseas interests. As the main channel of domestic reinsurance and the main participant in the international market, China Re will continue to take the initiative to break through innovation and continuously improve the core competence of reinsurance, with product innovation as the breakthrough. Focusing on platform building and relying on the international network, the Group provides comprehensive risk protection for the Belt and Road.
Emphasizing on the main industry, focusing on innovation and providing a comprehensive risk guarantee for the Belt and Road
China Re is one of the insurance companies that provide the most risk protection for all countries along the Belt and Road. It provides stable and reliable reinsurance risk protection for the vast majority of the projects of the Belt and Road participated by the domestic insurance industry through the contract as the chief and major reinsurer each year. In 2018, it provided risk guarantee worth about a total of RMB 3 trillion for the international market.
In view of the pain points of China's "going out" enterprises, China Re tailors itself and innovates comprehensive solutions for localization. In 2017, the Group promoted five leading domestic security companies to establish a "Security Community" to achieve exclusive strategic cooperation with the "Security Community", and pioneered a comprehensive risk solution of "China's insurance company insures Chinese people", focusing on providing kidnapping and ransom insurance for overseas employees of Chinese enterprises, as well as "localization" of security precautions beforehand and professional ransom negotiations and emergency rescue afterwards. The service effectively meets the demands of Chinese enterprises.
As soon as the comprehensive solution of "China's insurance company insures Chinese people" was introduced, it won the attention and welcome of the market. In 2017, the Group provided about 97.1 billion yuan of safety and security services to 2346 overseas workers of 41 enterprises in Chongqing; it also provided nearly 400 billion yuan of risk protection for about 3100 overseas employees of China Railway Construction, PetroChina, Hangzhou Jinjiang Group, Shandong Electric Power Construction and other companies; and in 2018, the safety insurance part of Jiangsu Overseas Employees Project, which covered 15,000 overseas workers of Jiangsu Province and the chief underwriter was China Insurance Property Insurance, was supported by "China's insurance company insures Chinese people". In the same year, Pacific Property Insurance issued overseas worry-free exclusive insurance products to 1500 member enterprises of the Chinese Association of Foreign Contractors, and the safety insurance part was also supported by the "China's insurance company insures Chinese people".
In order to quantify overseas security risks accurately, China Re, together with the "Security Community", have independently developed and will publicly publish a practical manual on dealing with overseas kidnapping incidents in the first half of this year, and the first overseas kidnapping risk report and risk map from the Chinese perspective.
Building a platform and leveraging science and technology to promote the insurance industry to serve infrastructure construction of the Belt and Road
At home, China Re actively participates in the research on the "international insurance reinsurance community" of the China Banking and Insurance Regulatory Commission, and worked with its member units to build an industry platform to provide more stable and reliable insurance protection and better quality services for the high-quality construction of the Belt and Road.
Overseas, China Re actively participates in the construction of the Belt and Road international platform. In 2017, the Singapore Belt and Road consortium was formally established, and China Re Singapore Branch served as the management body. Up to now, the consortium has provided a total of RMB 3,200 million yuan of risk protection for the projects of the Belt and Road.
In view of the blind spots that exist in African countries with various special risks, China Re will promote overseas medical and health insurance projects, and create an online platform for insurance + healthcare services ("re-medical" platform), which will be launched on-line in the first half of this year.
At the same time, in view of the need of project risk management of "going out" enterprises, China Re will accelerate the creation of a comprehensive service platform of "re-connect", which will be released in the first half of this year. Version 1.0 of the platform will provide 11 kinds of overseas natural disaster risk maps including earthquake and flood, and dynamic early warning of overseas security personnel to achieve risk awareness; it will provide online insurance business consultation and customized comprehensive risk solutions, and achieve business connectivity.
Speeding up international layout, deepening cooperation network, and enhancing the risk guarantee coverage capacity of the Belt and Road
As one of the earliest and most internationalized Chinese insurance companies, China Re has established stable cooperative relations with more than 1,000 insurance institutions in more than 100 countries and regions around the world. China Re regards globalization as one of the three strategic footholds of overall development, and regards serving the construction of the Belt and Road as the top priority of globalization.
In order to continuously improve service capabilities, China Re has continuously expanded its international business layout. With the acquisition of Chaucer in 2018, the Group can make use of the global leading strength of Chaucer in the area of political insurance, credit insurance, energy insurance, nuclear insurance and other special risks that need to be guaranteed, so as to achieve synergy and complementarity and provide more targeted products and guarantees for the Belt and Road.
With the help of the "global circle of friends", the Group continued to build a global service network for the Belt and Road. Up to now, the Group has established the Belt and Road cooperative relationships with 29 overseas insurance institutions, providing local service channels for China's overseas interests in 123 countries and regions. At the same time, China Re actively promotes cooperation with BRICS countries. In August 2017, it initiated and established a "BRICS Reinsurance Cooperation Support System", which became the first consensus on insurance cooperation since BRICS leaders established a meeting and cooperation mechanism.
Through unremitting efforts, China Re signed a memorandum of understanding with the Fidelidade Insurance Group of Portugal for the construction of the Belt and Road business cooperation, which was included in the list of achievements in the Second Belt and Road Forum for International Cooperation, which was just held.
In the face of the new requirements of constructing the Belt and Road with high quality, China Re will strive to build a supporting platform for technology, continue to promote the development of globalization, enhance the core service capability of reinsurance, and join hands with domestic peer companies and international partners to jointly escort the construction of the Belt and Road.