Reinsurance giant Swiss Re eyeing more business opportunities in China

Swiss Re said it is upbeat about China's insurance market and planned to deliver more creative protection solutions to tap the country's growing business opportunities. 

Swiss Re said on Tuesday that it is optimistic about China’s insurance market and plans to deliver more protection solutions to tap the country’s growing business opportunities together with its partners.

The Switzerland-based reinsurance giant noted that it remains confident in the future of China's insurance sector despite rising global trade tensions and regional risks.

Emerging markets are expected to be the growth engine for the global economy and the insurance industry over the next decade, a recent report from Swiss Re Institute showed.

The study forecasts that China will contribute over a quarter of global output in the next 10 years and the world's second largest economy will become the biggest insurance market by the mid-2030s.

John Chen, president of Swiss Re’s China operation, believes that insurance companies will usher in greater development opportunities as China is pursuing higher quality development.

Underwriters can play a more prominent role in supporting the real economy and ensuring better lives for the general public, Chen added.

To embrace the opportunities, Swiss Re aims to offer more targeted protection solutions by leveraging its strengths in data and technology to help insurers better fend off operational risks while expanding their business into wider areas.

The company said it is exploring products related to environmental protection, which will help insurance companies evaluate an enterprise client’s pollution-related risks.

Swiss Re predicted that problems and claims arising from environmental factors will become more complicated as China puts more emphasis on environment protection.

Also, the Swiss insurer plans to unveil more flexible health insurance policies to encourage the insured to take a more proactive approach to their lifestyles.

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