29 firms jump on the Belt and Road Insurance ExchangeDecember 12 2018 by InsuranceAsia News Staff
As reported in InsuranceAsia News in October, Moses Cheng Mo-chi, chairman of Hong Kong’s Insurance Authority, unveiled the Belt and Road Insurance Exchange Facilitation (BRIEF) at the Authority’s first Asian Insurance Forum in Hong Kong yesterday (December 11).
Cheng said: “The Belt and Road Insurance Exchange Facilitation is a platform to provide information and offer other assistance to allow insurance companies to make deals with bankers, project managers and all those involved in the belt and road initiatives about all types of insurance risk for these infrastructure projects.”
He added: “We have 29 [insurance firms] signed up to the Belt and Road Insurance Exchange Facilitation. I hope more of you here join so that the aspiration of BRIEF can be turned into your opportunity.”
The insurers are: AIG, Allianz Global Corporate and Specialty, Asia Insurance, Axa, Axa XL, Bank of China Group Insurance, China Merchants Insurance, China Taiping, Chubb, Euler Hermes, Lloyd’s, PICC (Hong Kong), Ping An (Hong Kong), Swiss Re Corporate Solutions and Zurich; the reinsurers include: Asia Capital Re, Munich Re, Peak Re, SCOR, Swiss Re, Taiping Re and Transatlantic Re; while the brokers are: Aon Benfield, Aon Hong Kong, Guy Carpenter, JLT, Marsh (Hong Kong), Nova Insurance and Willis Towers Watson.
The exchange provides opportunities for brokers, insurers, banks, captive managers, trade associations and other stakeholders to connect around China’s grand infrastructure project to connect multiple countries, continents by road, rail and sea.
The project plans to connect Asia, the Middle East, Europe and Africa through marine, road and train routes; it will cover 65 countries with 60% of world’s population and 30% of global GDP.
According to the Swiss Re Economic Research & Consulting by 2030 a total of over US$7 trillion will be invested in the Belt and Road initiative with US$5 trillion coming outside of China.
Swiss Re forecasts that the construction phase premiums will be worth around US$14 billion. In addition, commercial lines in property, transportation, energy and other lines will be worth another US$13.5 billion of premium.
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China has recommitted to opening up its market to foreign insurers.
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Minimum capital requirements of P900m are necessary by the end of the year.
- January 8
Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.