The 14th Asian Reinsurers' Summit (ARS), hosted by China Reinsurance (Group) Corporation, was held in Beijing on Friday.
This year's theme was "Asian catastrophe risk management: opportunities and challenges". The summit this year attracted more than 30 senior management delegates of 15 reinsurance companies from 14 Asian countries and regions.
"Catastrophe risk management has been considered as a crucial issue for national governance and reinsurance industry development," said Chen Wenhui, vice Chairman of China Insurance Regulatory Commission (CIRC).
Reinsurance is the practice of insurance companies purchasing insurance from another insurance company. The goal is to minimize risk and loss by sharing the insurance payout in the event of an incident.
Chen says the CIRC, is pushing forward a top-level design of a catastrophe insurance system and exploring the establishment of the initial-stage catastrophe insurance. CIRC will also help work with and support local catastrophe insurance pilot programs.
This year, the CIRC will accelerate the creation of China's catastrophe insurance system.
Zhang Hong, President of China Re Group, said the summit will step up the exchange and collaboration on the reinsurance business among China and other Asian countries.
China Re will focus on the Asian market as a key area for international strategic development, strengthen collaborations with other ARS members, and deepen involvement in the Asian reinsurance market, said Zhang.
ARS, founded in 2001, is an important multilateral communication platform for Asian reinsurance companies. It has become one of the most important international conferences for the Asian reinsurance industry. The conference has also attracted global attention.
As one of the initial founders of this summit, China Re hosted the 1st ARS in 2001. ARS aims to exchange reinsurance market information and opinions on business issues, to promote communication and cooperation among reinsurance institutions, for the sustained and healthy development of the Asia reinsurance market.
The insurance industry has become a very important section in the Chinese financial market and national economy.
China's insurance market ranks 4th around the world, life insurance ranks fifth while non-life ranks third. China has been regarded as one of the most promising and most important emerging markets.(China Daily)