GENEVA, Nov. 5 (Xinhua) -- Swiss reinsurer Swiss Re has said China will underpin the insurance market's comeback from the COVID-19 pandemic and vows to help introduce "innovated by China" to the global stage.
"As China grows and its middle class expands, the insurance market will grow. China will lead global growth again in a pandemic year for world markets, and it is poised to lead growth in 2021," John Chen, president of Swiss Re China, told Xinhua in a recent interview.
"The medium- and long-term outlooks are good and recovery is on the way. Macro data like China's PMI for October and the third-quarter GDP growth also show expansion and this is positive news."
According to the data released by the National Bureau of Statistics of China, China's economy expanded by 4.9 percent year-on-year in the third quarter (Q3), faster than the 3.2-percent growth in Q2.
"Thanks to the favorable business environment, one of our priorities has been innovation," Chen said. "Our approach here is to build up sustainable partnership with Chinese partners and clients, to enable more innovation from China, and for China, and to help introduce 'innovated by China' to the global stage."
"The Swiss Re Institute has also said China is expected to be the world's largest insurance market by the mid-2030s, and we are fully committed to China in every sense of the word," said Chen.
"China is one of the fastest-growing insurance markets in the world and is strategically important to Swiss Re. We have a strong commitment and growing footprint in China,"
As early as in September, Swiss Re wrote in a news release it expects the non-life insurance market to continue to grow, driven primarily by exposure growth. Swiss Re Institute forecasts a global growth rate of 3.3 percent in real terms for 2021.
"COVID-19 has a significant impact on the world and to a certain extent, reshaped the way companies operate and do business," Chen said. "The reinsurance business needs to be resilient and agile enough and adapt to the new norm but overall, the insurance industry is showing resilience in face of the COVID-19-led economic downturn."
"We believe that emerging economies, led by China, will underpin the insurance market comeback from COVID-19," he said.
Chen added that Swiss Re China would focus on opportunities in China's insurance market from three "new" trends: new infrastructure, new economy, and new consumption.
"Under the 'dual circulation' development pattern, I believe the new dynamics generated by these trends will accelerate the transition of the entire insurance ecosystem. I see more opportunities over there for our industry, but we need to step out of the routine and ride the wave," he said.
China has in particular vowed to establish a "dual circulation" development pattern, in which domestic and foreign markets complement and reinforce each other, with the domestic market as the mainstay.
According to Chen, the third China International Import Expo (CIIE), a trade fair which is being held in Shanghai from Nov. 5 to 10, would lead to more business and partnership opportunities.
"I think CIIE 2020 is very meaningful. It's a testament to China's resilience in facing the extremely challenging environment globally," Chen said, adding that the company was looking forward to joining hands with Chinese partners and clients and to interact with more stakeholders during the expo. Enditem