Thursday, February 22, 2018

China urges insurance for belt-and-road initiative

Companies undertaking projects under China’s belt-and-road (B&R) initiative are being urged to take advantage of insurance to minimise risks, a former official from the country’s insurance regulator said.

According to Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission (CIRC), while the B&R has given a hard-won opportunity for Chinese enterprises’ goal of “going global” it has also brought in some unpredictable risks: political, economic, legal, and default.

Zhou, who spoke at a recent forum in China, said insurance offers one of the best solutions to risks.

The insurance industry, he added, can provide risk protection, financial support, and export credit strengthening for the B&R projects.

An evaluation of the B&R projects, Zhou said, must consider all the risks involved.

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