Swiss Re said on Tuesday that it is optimistic about China’s insurance market and plans to deliver more protection solutions to tap the country’s growing business opportunities together with its partners. The Switzerland-based reinsurance giant noted that it remains confident in the future of China's insurance sector despite rising global trade tensions and regional risks. Emerging markets are expected to be the growth engine for the global economy and the insurance industry over the next decade, a recent report from Swiss Re Institute showed. The study forecasts that China will contribute over a quarter of global output in the next 10 years and the world's second largest economy will become the biggest insurance market by the mid-2030s. John Chen, president of Swiss Re’s China operation, believes that insurance companies will usher in greater development opportunities as China is pursuing higher quality development. Underwriters can play a more prominent role in supporting the real economy and ensuring better lives for the general public, Chen added. To embrace the opportunities, Swiss Re aims to offer more targeted protection solutions by leveraging its strengths in data and technology to help insurers better fend off operational risks while expanding their business into wider areas. The company said it is exploring products related to environmental protection, which will help insurance companies evaluate an enterprise client’s pollution-related risks. Swiss Re predicted that problems and claims arising from environmental factors will become more complicated as China puts more emphasis on environment protection. Also, the Swiss insurer plans to unveil more flexible health insurance policies to encourage the insured to take a more proactive approach to their lifestyles. Source: SHINE Editor: Wang Yanlin
Reinsurer Swiss Re said it is optimistic about the Chinese insurance market, and plans to produce more protection solutions to tap into opportunities with its partners. The company has been working on a new product for insurers that will be launched in China this year, according to an announcement from the company. A recent report from the Swiss Re Institute estimated that China will be responsible for 25% of global output in the next 10 years, and will become the largest insurance market before 2040. Swiss Re said it was exploring environmental protection products to help evaluate clients’ pollution-related risks, as China puts more emphasis on the sector.