Environmental liability: a growing concern

One of the downsides of rapid economic development is the potential for environmental damage. Environmental pollution liability insurance developed rather slowly in China over the past decade. But today, pollution has become a major issue following stronger government enforcement and a significant increase in environmental laws and regulations.

Swiss Re has been working with the Chinese insurance industry to encourage a market for specialist liability products.

While environmental pollution liability insurance has the potential for large-scale growth in China, several challenges need to be overcome first, including the proper application of existing legislation, as well as the infrastructure for the environmental pollution liability insurance system (e.g. basic data, underwriting skills, risk evaluation, claims handling capability).

Together with China's insurance companies and partners, we help establish risk management standards to help our clients better assess environmental liability risk exposure in China. Given our long-standing presence in China and re/insurance expertise, we remain the first port of call for any environmental liability needs from clients and regulators in China.

Swiss Re has a long-standing relationship with China’s insurance industry. Its first reinsurance contracts go back as far as 1931 when Swiss Re signed a fire treaty with the Taiping Fire & Marine Insurance Company; and 1973 when a treaty was signed with the PICC. Leveraging on capital strength, expertise, innovation power, the international experience and local knowledge, Swiss Re has been working closely with insurance companies and brokers in China to provide a full range of reinsurance products and services in this market.

As a result of the good effort, Swiss Re has won the "China Reinsurer of the Year Award" four times since 2010 for successfully localizing its international experience to meet the needs of clients in China. Find your contact and learn more about our activities in China at swissre.com/china.

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