- An insurance recipe for the Chinese food and agricultural industry
- sigma 1/2007
- Not Your Grandfather’s Farm
- Shaping Climate-resilient Development
- Sowing the seeds for record harvests
Agriculture as a priority for Swiss Re in China
Robert Wiest, Head of China, comments on the significance of the reinsurance agreement with the Beijing Municipal Government.
Where does agriculture fit in Swiss Re's priorities in China?
Agriculture is one of Swiss Re's top priorities, globally as a company top topic, and especially in China, because the sector is key and fundamental to the socio-economic development of the country. Swiss Re has an advantage in this field because of how we can combine our global expertise in agriculture with our commitment to furthering public-private partnerships with China's insurance industry and governmental entities. It means we can achieve win-win solutions for Swiss Re, its partners and importantly, the sustainable growth of China's agricultural industry.
Are similar arrangements applicable to other businesses?
The way the Beijing Municipal Government is going to transfer risk to the reinsurance sector for agriculture can also work for infrastructure exposure to natural catastrophes like earthquake, typhoon and flood. China is highly exposed to natural catastrophes. Increased (re)insurance penetration will help reduce the financial loss burden from such perils, which could threaten China’s sustained economic and social development. We are excited at the opportunity of making our risk management expertise in these areas also available to regional governments.
How is such a reinsurance arrangement viewed by the regulator in China?
The regulator is highly supportive of such innovation and they gave special approval to the Beijing Municipal Government to make the arrangement. We were honoured to have Mr Zhou Yanli, Vice Chairman of the China Insurance Regulatory Commission, at the signing ceremony for this agreement and he mentioned that this type of agreement can enhance the overall model for agricultural insurance risk management in China.
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