Cooperate to insure international hub
Print Edition
THE Shanghai government should cooperate closely with insurance companies to tap immense opportunities from the city’s free trade zone and drive the city toward becoming an international insurance hub, experts said at the Lujiazui Forum yesterday.
Martyn Parker, chairman of global partnerships at Swiss Re, said Shanghai has the potential of becoming such a center by tapping massive prospects in the free trade zone. The city has also plans to establish the world’s first insurance exchange.
In its drive to achieving its goal, Shanghai sees insurance premiums to more than double by 2020 and that cross-border financial controls in the free trade zone will be eased.
Parker urged the Shanghai government to partner insurers to develop products, share liabilities, and introduce agricultural and disaster insurance policies.
He also suggested that Shanghai create more financial derivatives for trading, help insurers invest in long-term infrastructure projects and continue to develop a bond market to offer liquidity.
Wang Yincheng, president of China’s largest non-life insurer PICC, said that Shanghai should provide more leeway for insurance companies to try new technologies and products.
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