Insurance Working Group Position Paper 2018/2019 - 保险业工作组建议书2018/2019 Go back »

  • Published on:
    2018-09-18
  • Category:
    Position Paper
  • by:
    Insurance Working Group / Forum
  • Keywords:

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Modern societies cannot function without efficient insurance industries. Insurance is vital for securing the well-being of both individuals and businesses by actively promoting the health and security of the economy and business environment, as it provides protection from financial loss. It is also a form of risk management, primarily used to hedge against the risk of a contingent, uncertain loss. Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that might incur. The insured entities are therefore protected from risk, for a fee. The price of this protection depends upon the frequency and severity of particular events that incur loss.

President Xi Jinping’s key goals include the alleviation of poverty and the tackling of financial risk. A healthy insurance industry, which protects individuals and corporations from risk instead of fuelling speculative investments, is key to achieving these goals. From boosting consumption by reducing the amount of money ordinary working families set aside in case of illness to underpinning corporate risk, European insurers can use their experience gained on the European continent to help in China.

The Insurance Working Group represents leading European insurers, brokers and other insurance service providers engaged in life, non-life, reinsurance and speciality insurance. Its members have different operational structures, but all of them consider China a long-term priority market. They are fully committed to contributing to the sustainable growth of the Chinese insurance market. They are aware of the crucial role commercial insurance plays, not only in China’s economy, but in society as well. To this end, they are willing and prepared to provide added value to the industry by introducing best practices and technical know-how.

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