The Chinese mainland's financial regulator has introduced a comprehensive action plan aimed at fostering the high-quality development of the property insurance industry over the next five years. This strategic initiative focuses on deepening reforms, advancing industry openness, and accelerating business transformation and upgrading.
One of the key measures outlined in the plan is the enhancement of insurance research and its application in emerging fields such as intelligent driving, the low-altitude economy, and quantum technology. By integrating advanced technologies, the property insurance sector is set to become more innovative and resilient.
The plan also emphasizes the importance of global collaboration. It supports qualified overseas financial institutions in investing within China's property insurance market and encourages eligible Chinese property insurance companies to expand their global footprint. Additionally, foreign-funded property insurance companies operating in China will receive support to ensure their high-quality development.
Expansion of exchanges and cooperation within both domestic and international reinsurance markets is another focal point. The plan seeks to explore ways to promote mutual recognition of regulatory standards and enhance connectivity in property insurance business practices across borders.
Addressing risk management, the financial regulator highlights the need to improve mechanisms related to the prevention, defusing, and disposal of risks. Diversifying methods for risk mitigation will be crucial in ensuring the stability and sustainability of the property insurance industry.
With these initiatives, the Chinese mainland is positioning its property insurance sector for robust growth and greater integration into the global market.
Reference(s):
China issues action plan to boost property insurance industry
cgtn.com
