BEIJING, Aug. 18 (Xinhua) -- The first batch of reinsurance operation centers of seven insurers in China are settling in the Shanghai international reinsurance trading center building now, reported Xinhua-run Shanghai Securities News on Thursday.
Analysts said their ongoing habitation foretells the approaching formal running of the Shanghai international reinsurance trading center, which, as an integral part of the Shanghai reinsurance "international board", serves as a strategic move to advance the opening up and development of higher quality of China's insurance industry.
Previously in June, officials from China's National Administration of Financial Regulation and Shanghai City jointly announced launching of an "international board" for reinsurance trading in Shanghai.
Shanghai's financial regulators unveiled at the same time a set of detailed implementation rules to support insurance and reinsurance institutions to establish reinsurance operation centers in Shanghai and guide reinsurance resources nationwide to flow to the east China-located municipality.
On August 14, China's National Administration of Financial Regulation released a document approving seven insurance companies to set up reinsurance operation centers in Shanghai, including Guoren Property and Casualty Insurance Co., Ltd., Sunshine Property and Casualty Insurance Co., Ltd, Mitsui Sumitomo Insurance (China) Co., Ltd. (MSI China), China united property insurance Co., Ltd., Ping An Property & Casualty Insurance Company of China, Ltd., Zking Property & Casualty Insurance Co., Ltd. and AXA Tianping P&C Insurance Co., Ltd.
Suga Masahiko, board chairman of MSI China, said that in future, the company's reinsurance operation center will apply, upon approval of its parent company, centralized management over operation and settlement of reinsurance business.
Currently, MSI China is taking advantage of its overseas business units to provide insurance services for overseas business running of Chinese companies and places via reinsurance a large proportion of these overseas insurance business back to China.
Suga Masahiko noted that MSI China is expecting the reinsurance operation center to leverage its advantages to provide more efficient reinsurance support to the Belt and Road-related overseas businesses. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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