On 18 June, Sino-UK Belt and Road Initiative Insurance Cooperation Forum was successfully held in London, UK. The forum was hosted by China Re Group and co-organised by China Re P&C and China Re Syndicate. Zhu Qin, Chargé d’affaires of the Chinese Embassy in the UK, Yuan Linjiang, Chairman of China Re Group, Catherine McGuinness, Chairman of the Policy and Resources Committee of the City of London Corporation, and Inga Beale, CEO of Lloyd’s of London attended and delivered keynote speeches at the forum.
Since the initiation of Belt and Road Initiative by Chinese President Xi Jinping in 2013, the establishment of “One Belt One Road” has gradually transformed from concepts to actions. With the joint effort by countries along “One Belt One Road”, policy co-ordination was deepened, facilities connectivity was improved, unimpeded trade was optimised, financial integration was expanded and people-to-people bonds was enhanced continuously, thereby obtaining impressive results and international recognition. With the further expansion and deepening of the “One Belt One Road” Establishment, how the insurance means is used, a sound risk protection system is established, risks are diversified and resolved, and the steady advance of the “One Belt One Road” Establishment is ensured have become the common concerns of the countries and enterprises participating in the “One Belt One Road” Establishment.
Zhu Qin, Chargé d’affaires of the Chinese Embassy in the UK, said at the forum that the topic of the forum “One Belt One Road and Sino-UK Insurance Cooperation” was appropriate and meaningful. The successful development of China Re Group in the UK is an important result for the deepening cooperation of Sino-UK insurance industry, as well as, “golden achievements” at the golden age of Sino-UK relations. He used three keywords, namely “Broad Prospects”, “Rich Opportunities” and “Immense Potential” to express his view on the development of “One Belt One Road”, Sino-UK relations and Sino-UK Insurance Cooperation. He also hoped that the delegates will follow the latest trends of peace and development and make contributions to create a “golden age” of Sino-UK relations for a better future based on the values of liberalization, inclusion and cooperation.
Yuan Linjiang, Chairman of China Re Group, stated in his speech that the contradiction between an unbalanced and insufficient insurance supply and a growing and upgrading insurance demand is becoming more obvious, and a lot of risks have been exposed and “uninsured”. As a main force of reinsurance and a pioneer of going global in China, China Re Group has taken proactive actions to interact and build consensus, to establish platforms and facilitate cooperation, to cultivate capabilities and achieve breakthrough, and to go global and build networks in response to a national call, thereby working together with the global insurance industry, in particular the cooperative partners of British insurance industry, to provide risk protection for the “One Belt One Road” Establishment.
At the forum, the senior management delegation of China Railway Construction, CSSC Group and CEA Holding shared their views on the opportunities and challenges faced by the Chinese enterprises in the international development under the “Belt and Road Initiative” and their demand for insurance protection. In addition, the senior representatives of more than forty Chinese enterprises in the UK and Europe also actively participated in the seminars covering the same topic through case analysis, round-table discussion, etc.
The guests of the forum stated that the “One Belt One Road” Establishment is a great project that benefits the world, in particular the people of various countries. It encompasses enormous development opportunities and exposed to new risks. The Chinese enterprises stepping out to invest and develop businesses need traditional insurance products to respond to the property loss resulted from natural disasters and contingencies, and operation disruption, delay in commencing construction, loss of profits and other indirect losses. They are also in need of comprehensive insurance solutions to safeguard themselves against legal liabilities, credit risks, political risks, terrorism and other special risks. Diversifying and resolving risks by means of insurance is an important guarantee for the “One Belt One Road” Establishment to maintain sustainable development. Currently, the global insurance market is still facing problems such as insufficient understanding of the needs in managing the potential risks of “One Belt One Road”, insufficient supply of effective insurance, inadequate synergy in preventing and coordinating major risks, defective overseas layouts and global cooperation networks, etc. Zhang Renjiang, General Manager of China Re P&C, made a closing address in respect of “seizing the strategic opportunities of “One Belt One Road” and promoting the continuous deepening of Sino-UK insurance cooperation” at the forum.
China Re Group is the Asia’s number one and the world’s top eight reinsurance group, and set up branches in London, Singapore, New York, Hong Kong, etc. Lloyd’s of London is the world’s oldest and most influential insurance market, with operational qualification in over 200 countries of the world. It strives to establish a globalized service network and provide high quality specialised services in the field of P&C and liability insurance. China Re Group is the first and the only China insurance enterprise being a member of Lloyd’s of London.
Leveraging on the customers resources, local advantages and R&D capabilities of China Re Group and the international services, customer network, specialised resources and innovation capabilities of Lloyd’s of London, both parties jointly promote the Sino-UK insurance cooperation, further explore and mobilize the specialized resources of London insurance market, thereby offering stronger insurance protection and support to the “One Belt One Road” Establishment.