Monday, July 24, 2017

Insurance cooperation eyed along Belt and Road route

Insurers have committed to extending their services to areas along the Belt and Road initiative after China has started to build a community for the insurance industry in the region.

Over the last few months, at least 20 countries along the route have entered into agreements with China Re, which is initiating the community.

China Re is estimated to provide Rmb60 billion (US$8.7 billion) worth of coverage for the Belt and Road on a yearly basis.

China Re chairman Yuan Linjiang said these Chinese insurance and reinsurance companies will be hand in hand with their foreign peers in providing services for local customers like claims settlement and contract issuance.

The cooperation network, which was also welcomed by many domestic companies, is expected to cover all relevant countries by end of 2017, said Yuan.

 

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