On 11 November, the 14th Singapore International Reinsurance Conference (the “SIRC”) was held in Singapore. The SIRC was launched in 1991 and co-organized by the Singapore Reinsurers’ Association, the Reinsurance Brokers’ Association of Singapore, the Singapore College of Insurance and other organizations. It is a renowned event for the reinsurance industry in the Asia Pacific region, with reinsurers, insurers and reinsurance brokers from all over the world attending the conference.
The SIRC attracted close to 1,000 registered delegates of insurance industry from around the world and close to 2,000 customers of international insurance industry to participate in or look for business cooperation. At the opening ceremony, Mr. Lim Hng Kiang, the Minister for Trade and Industry of Singapore and the Deputy Chairman of the Monetary Authority of Singapore (the “MAS”), delivered the speech about the main theme, and officially announced the establishment of the Belt and Road Insurance Consortium of Singapore with an aim of supporting the One Belt One Road establishment. The administration organ of the consortium is the Singapore branch of China Reinsurance (Group) Corporation.
The Minister Lim Hng Kiang said that the Belt and Road Initiative of China is the most ambitious infrastructure project for the time being. The PRC and other countries in Asia, Middle East and Europe are connected via a series of trade routes by land and by sea. Roads, railways, natural gas pipelines, power plants, ports and other important public infrastructure will be constructed in more than 60 countries, with an expected total investment of over US$1 trillion. However, the risks in the countries along the One Belt One Road routes are complicated. The Belt and Road Insurance Consortium of Singapore will bring together the domestic insurers, reinsurers and brokers to provide quality underwriting capacity, professional insurance protection and risk management service, as well as, all-in-one solutions for the Belt and Road projects of China in the Asia Pacific region. It also commences works focusing on the aspects of engineering insurance, cargo and liability insurance, etc. Currently, the consortium has received positive feedback from certain reinsurers, insurers and brokers in Singapore and is looking forward to the participation of more partners.
The MAS stated after the conference that the establishment of the Belt and Road Insurance Consortium of Singapore demonstrates the care and support of the MAS and the insurance markets in the Asia Pacific region for the Belt and Road Initiative, and the joint participation of both Chinese and foreign companies in Singapore highlights the inclusiveness and openness of the Belt and Road Initiative of China.
As the national team and main pipeline of the PRC’s reinsurance market, China Re Group has been actively exploring and supporting the Belt and Road establishment of the State, to ensure the Chinese corporations set sail for overseas development. The Singapore Branch of China Re Group commenced operation on 25 July 2016. Mr. Wong Shyun Tsai, Minister for National Development of Singapore, said that the Singapore Branch of China Re Group “has opened a new chapter for the cooperation between China and Singapore in the field of insurance”. The Singapore Branch of China Re Group will actively contribute to the cooperation between China and Singapore and the Belt and Road establishment on behalf of the Chinese insurance industry “going global”.