China industry entering ‘golden period’
The next five to 10 years will be a golden period for the Chinese insurance industry, Jianzhong Pan, chairman & CEO of China Zenith Insurance Brokers, told EAIC Today.
As an underinsured country with a large population and a large GDP, he believes China offers substantial opportunities for growth.
“We believe the insurance industry will maintain the momentum of steady, rapid and profitable growth and deliver more cooperation and benefits to the reinsurance market,” he said.
In particular he thinks terrorism, cyber risk, account safety, medical product liability, clinical trials, professional liability and fine art will be hot topics and potential development points in Chinese insurance market in the near future.
“There are nearly 200 application documents for the establishment of new insurance companies waiting for approval from the China Insurance Regulatory Commission (CIRC), which shows the strong confidence of social capital for the development of the insurance industry,” he added.
Due to the implementation of the China Risk Oriented Solvency System (C-ROSS) this year, many offshore reinsurers are applying for the local reinsurance licence in order to better adapt to the rules of the Chinese insurance market, while more and more Lloyd’s syndicates have joined its China platform to further develop their China business.
He also noted that CIRC has further improved regulation standards.
China Zenith Insurance Brokers was founded in November 2004, authorised by the CIRC. Headquartered in Beijing, Zenith is a limited liability company with registered capital of Rmb10 million and a branch set up in Shanghai.
“Our company is committed to serving the Chinese insurance market, and in line with the international market,” said Pan. “In addition to our continuing emphasis on traditional businesses, we are dedicated to product innovation and service optimisation, committed to satisfying the diverse and rapidly growing needs of our customers.”
This year is China Zenith’s second time at the EAIC, and Pan is optimistic about what will be achieved at the conference.
“In 2014 we held meetings in Taipei with various companies, expanded our business channels and found potential cooperation opportunities. This year we are speeding up the internationalisation progress, and looking for an increasingly close relationship with the markets of London, Singapore, Hong Kong and Korea; we have successfully registered as a Lloyd’s broker.
“EAIC is a good opportunity for us to meet insurers and reinsurers from all over the world in a couple of days, especially those who mainly focus on Chinese business.”
