This photo taken on May 18, 2023 shows the National Administration of Financial Regulation (NAFR) in Beijing, capital of China. (Xinhua/Li Xin)
BEIJING, Dec. 20 (Xinhua) -- Swiss Re Institute, an affiliate of Swiss reinsurer Swiss Re, predicts in its sigma report that 52 percent of the newly-added premiums globally in 2024-2025 will come from emerging markets including China, and 68 percent of the newly-added premiums will come from China.
In the view of Ivan Gonzalez, CEO Reinsurance China and China Country President at Swiss Re, China's economy has achieved remarkable development over the past three or four decades, but the insurance penetration in China is still relatively low, with property insurance standing at 1.1 percent and personal insurance at 2.8 percent in 2022.
Swiss Re Institute believes that economic growth in China will be a driving factor for the development of the insurance industry in China.
It is worth noting that the reinsurance market is an important component of the global insurance market and plays a crucial role in the stability and development of the insurance market. The international board for reinsurance trading in China can attract more global insurance companies to invest and operate in China, which will undoubtedly further promote the development of the Chinese insurance market and enhance its position.
Gonzalez pointed out that the premium size of the reinsurance market in China is approximately 30 billion U.S.dollars, with foreign investment accounting for more than 35 percent.
Chinese insurance companies are also playing an increasingly important role internationally, said Gonzalez, noting that the Chinese government has recently established a reinsurance operation center in Shanghai and he believes these measures can enhance the position of the Chinese insurance market globally.
(Contributed by Zhang Siwen, edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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