Recently, Chairman Yuan Linjiang published an article in China Finance magazine titling "Reinsurance Safeguarding the Real Economy". The article shows the precious history of the national reinsurance industry, describes the development of three arduous ventures of China Re and introduces the unique value of China Re in the new era and the “new normal”.
Chairman Yuan Linjiang wrote: “On the 70th anniversary of the founding of the People's Republic of China, China Re Group also ushered in a historic moment of the 70th anniversary of its own establishment. Over the past 70 years, China's economy has jumped from scratch to become the second largest economy in the world. Over the past 70 years, China's insurance industry has kept pace with the times, and gradually grown into the world's second largest insurance market with the largest contribution to global premium growth. Over the past 70 years, China Re, growing along with the nation, has played its own unique role in controlling risk, empowering insurance and ensuring the development of the insurance industry and the real economy.”
At present, the Chinese economy is shifting from high-speed growth to high-quality development. General Secretary Xi Jinping pointed out that finance is an important core competitiveness of the country. Finance must serve the real economy and meet the needs of economic and social development and the people. According to the Swiss Reinsurance Company SIGMA report, China has steadily ranked the second-largest insurance market in the world in 2018 and is also a major contributor to the growth of global premiums. It is expected to overtake the United States to become the largest insurance market in the world in 15 years.
Facing the new era, new changes and new demands, the reinsurance industry is undergoing profound changes. By volume, the reinsurance industry is indeed a smaller segment in the financial industry. However, by the functions it performs, the reinsurance industry is changing from underpinning insurance underwriting ability to connecting the insurance industry with the real economy, and the innovative leader of risk management products and services. As a state-owned financial and insurance company, China Re Group resolutely implements the major national and industry deployments and directives, serves the real economy, and performs its unique functions. In early 2019, it official brought forward the strategic proposition of making “Platform Development, Technology Advancement and Globalization the strategic fulcrums”, to push ahead with high-quality development and transformation, and achieve steady growth of its overall value.
In the future, China Re will unswervingly follow the leadership of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, give full play to the unique value of reinsurance, to better support the implementation of national strategies, promote high-quality economic development, and protect people's good lives, striving to do China Re’s part in writing a new chapter of the Chinese nation's great rejuvenation.