Swiss Re contributes to the actuarial and health insurance development in China
21 December 2007, Zurich
A study about medrobolic syndrome and a paper on obesity were among the seven academic papers which today won the Swiss Re - Shanghai Actuarial Award, presented at the Fudan University campus. Sponsored by Swiss Re, the world’s leading reinsurer, the award is part of the company’s commitment to the development of China’s life and health insurance industry. At the award ceremony, which was jointly sponsored by the Insurance Institute of Shanghai (IIS) and Fudan University, Swiss Re also launched a new Fudan publication titled “Health Insurance and Medical Statistics”, one of a series of studies designed to provide essential underwriting data to China’s insurance industry.
"It can never be overemphasized how important actuarial science is to the insurance industry, and the recent establishment of the China Actuarial Society is a strong testimony of the importance of this profession,” said Wil Chong, Director of Swiss Re’s Life and Health business in China. “We simply can't expect sustainable growth of the health insurance without in-depth research on medical data," he added, explaining Swiss Re's enthusiasm in this sponsorship.
Established by Swiss Re and IIS, the actuarial award recognizes actuaries and actuarial teachers for their achievements in theoretical research and analysis, and in insurance business management and practice. A judging panel composed of senior actuaries and distinguished professors in China selected the seven winners from a total of 11 short listed applications this year.
The winning papers, which included such subjects as “Pricing and Actuarial Analysis on Natural Catastrophes” submitted by Zhu Wenge of the Shanghai University of Finance and Economics, and “Statistics and Research on Medrobolic Syndrome and Obesity of the Elderly and Middle-aged Groups” submitted by Wang Yixuan and her colleagues at Fudan University, were highly praised by the judges for exploring new areas in the actuarial research in China with significant theoretical achievement.
Speaking at the joint ceremony, Zhangchao Pan, Secretary General of the IIS pointed out that, “Actuarial development is key in the overall development of the insurance industry in China. We are pleased to associate with the largest global reinsurer Swiss Re to work in this field.”
“Health Insurance and Medical Statistics”, which was launched immediately after the actuarial award ceremony, is a compilation of articles from regulators, insurance professionals and experts of research institutions. The book covers a wide range of topics including statistical analysis on cardiovascular and cerebrovascular disease risks, and the current issues and prospects of commercial health insurance in China.
This is the third in the “Life and Health Insurance Book Series” published under the sponsorship of the Swiss Re – Fudan Research Foundation. The other two were: “Population, Illness and Insurance” in 2003 and “Opportunities and Challenges for the Insurance Industry in China” in 2006.
The publications are all in Chinese, and are available from the Fudan Press, which is attached to the Fudan University.
The Swiss Re – Fudan Research Foundation was set up by Swiss Re and Fudan in 2000 for the purposes of promoting actuarial research at Fudan University and its associated research units, as well as to provide scholarship for postgraduate actuarial students at Fudan.
Since it was set up, the foundation has sponsored a number of significant research projects, such as an analysis on China’s population composition; the mortality and medical expenses in selected Chinese cities; the mortality and morbidity of some forms of cancer in selected cities; supplementary health insurance for employees and pensioners in some regions in China. In addition, the foundation organized a number of workshops including the “Shanghai -- Hong Kong Actuarial Seminar” in 2006 and 2007 respectively.
“Without this foundation, it is impossible for us to make such big achievements in the actuarial area. We appreciate the contribution and support of Swiss Re and find our cooperation fruitful,” said Prof. Wu Quanshui, Deputy Dean of Mathematics College of the Fudan University, at the ceremony today.
Nearly 80 faculty members of Fudan and insurance professionals participated in today’s ceremony, where they also attended a presentation given by a Swiss Re expert on the status and outlook of health insurance in China.
Notes to editors
List of Winners
- Pricing and Actuarial Analysis on Natural Catastrophes by Zhu Wenge of the Shanghai University of Finance and Economics
- Statistics and Research on Medrobolic Syndrome and Obesity of the Elderly and Middle-aged Groups by Wang Yixuan and her colleagues of the Fudan University
- Criteria for Risk-based Capital for Non-life Insurers in China by Wang Shangwen of China Pacific Insurance Corporation Group
- The Optimum Investment Strategy for Insurers of Random risks by Wu Shujin of the East China Normal University.
- Evaluation Criteria for Non-life Unearned Premium Reserve by Teng Hui of TianAn
- Pricing for Equity Index Annuity in Jump-Diffusion Models by Qian Linyi of the East China Normal University
- Market Value Margin for Policy Reserve by Yan Fei of AIA
Swiss Re is the world’s leading and most diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “AA-“ by Standard & Poor’s, “Aa2” by Moody’s and “A+” by A.M. Best.
Swiss Re has been associated with Asia since 1913 and now has more than 900 staff in Asia Pacific. Swiss Re entered in China in 1995 and set up its Beijing Branch in 2003 with a national license for a full range of reinsurance products and services. The company's Asian headquarters are in Hong Kong.
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