WEF Agenda Blog – China 2017
Insurance – China's path to advancing a clean energy future, food security and city resilience
By Jayne Plunkett, CEO Reinsurance Asia, Swiss Re
Swiss Re successfully launched its Special Lines Roadshow on 19 October in the coastal city of Qingdao. Four business lines, namely engineering, agriculture, marine and credit & surety, shared the international and local expertise with 60 clients from 28 P&C insurers in China.
Qin Lu hosting the roadshow
Active booth visits
Besides keynote speeches and Q&A sessions, in-depth discussions at the booth area and one-one-one meetings were organized for participants. "The roadshow would explore new business opportunities for both clients and Swiss Re while responding to some specific questions our clients have by sharing the most advanced techniques and case studies," said Qin Lu, Head of P&C Client Markets China.
During the roadshow, a strong Greater China team (Treaty & Fac) and powerful technical support for the engineering business were introduced. Swiss Re presented the most advanced techniques and current challenges and shared case studies on the Hong Kong, Zhuhai & Macau Bridge and Subway No.1 in Ningbo. A hot discussion, triggered by the operational issues, actively involved both the presenters and participants during the Q&A session.
Swiss Re, the first reinsurer with a team of five dedicated agriculture specialists in Asia-Pacific, is committed to strongly supporting clients across the agriculture supply chain in emerging markets through technical expertise and significant reinsurance capacity. The agriculture team’s presentation focused on the development state of mature and emerging markets, as well as on loan portfolio protection in Vietnam and weather insurance in India, which are the pilot products in these local markets.
In the marine business, Swiss Re is the leading reinsurer with a global footprint. The types of risk we underwrite include hull, cargo, energy and liability. The marine team addressed the topics of market development and premiums vs losses; it also listed major marine perils during its presentation.
Credit & Surety covered credit insurance, bond surety and political risk insurance. With rapid economic development and increasing international trade deals in China, there is greater demand for credit analytical services and risk management in the market. Being the third-largest global writer of C&S reinsurance, Swiss Re boasts 25 underwriting and support professionals who provide top-quality service to clients.
The roadshow was well-received, and guests called on Swiss Re to organise more of such events focusing on specific topics for more detailed discussions.
“The roadshow not only helped us to position ourselves as a market leader but also assisted us to better understand the needs of our clients,” said Robert Wiest, President of Swiss Re China. We will for sure take more events of this kind to our clients.
Published December 2012