China expands influence in int'l insurance industry

China is seeing rising status and growing influence in the international insurance space, with another local industry leader being elected as a member of the Geneva Association.

Jiang Xing, CEO of ZhongAn Online P&C Insurance, was recently selected to join the association, becoming one of four Chinese members.

The Geneva Association is a leading international insurance think tank. It identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector.

Its membership comprises a statutory maximum of 90 CEOs from the world's top insurance and reinsurance companies.

Jiang's selection will further enhance integration between China's insurance sector and its global peers, which is not only beneficial for foreign insurance companies to enter the Chinese insurance market, but also beneficial for domestic insurers to "go global," said ZhongAn Online.

According to a forecast by Swiss Re Institute, China is expected to surpass the US to become the largest insurance market in the mid-2030s.