Swiss Re enters into agreement with the China Development Research Foundation to run a joint research programme on advanced risk financing solutions
Swiss Re signed in Beijing today an agreement with the China Development Research Foundation (CDRF) to enter into a joint research programme on natural disaster insurance solutions and the reform of the relief system.
Michel M. Liès, Group CEO of Swiss Re, and Mengkui Wang, President of the CDRF and former Director of the State Council Development and Research Centre, attended the signing ceremony in Beijing. Ivo Menzinger, Managing Director and Head Asia-Pacific of Global Partnerships of Swiss Re, and Mai Lu, Secretary General of the CDRF, signed the agreement on behalf of the two parties.
Lu said at the ceremony that China is exposed to frequent natural disasters, which caused huge property and human life losses each year, brought significant pressure on fiscal funding and also undermined the stability of the macro economy. Advanced natural disaster risk financing mechanisms such as parametric insurance have the advantages of risk concentration, transaction structure transparency, predictable cost, controllable ethical risks, and standardized compensation trigger mechanism.
The CDRF has a strong focus on disaster relief and mitigation. Since the Wenchuan earthquake in 2008, the CDRF has proactively contributed to the rebuilding of the area, and has introduced advanced international experience in disaster relief into China through various trainings and seminars. The cooperation with Swiss Re marks further progress of CDRF in this field. The CDRF appreciates the effort of Swiss Re in fulfilling its corporate social responsibilities and in supporting the public sector on the research and development of public policy.
Ivo Menzinger pointed out that Swiss Re, as a leading global reinsurance company, is dedicated to help individuals, corporations and organizations to build a better life through managing all types of risks. He added, "Swiss Re is very pleased to contribute to China’s social and economic development by providing relevant financial and technological support as well as expertise for the research on this subject, including providing leading international case studies on parametric insurance solutions."
Qin Lu, President of Swiss Re China, said, "Swiss Re has long been working on promoting insurance solutions for mitigating natural disasters in China. This joint research programme enables Swiss Re to work closely with government bodies to make sure insurance will play a bigger role in disaster relief and mitigation."
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. Swiss Re has been associated with Asia since 1913 and has been present in China since 1995, opening its branch in Beijing in 2003 to offer a full range of reinsurance products and services throughout China. Swiss Re’s Asian headquarters are in Hong Kong, and has about 1,000 employees in the region. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe
China Development Research Foundation (CDRF)
The China Development Research Foundation is a nationwide non-profitable organization initiated by the Development Research Center of the State Council. The Foundation was set up in November 1997 to support research in policy development, to keep the government decision-making procedure operating in a scientific and democratic manner, and to render service to the social and economic development of China. The Foundation funding mainly comes from the donations of enterprises, institutions and individuals both from home and abroad. The fund is utilized in two ways: to support project research, publication of research results and academic exchange activities; and to reward the researchers who have made outstanding contributions or achieved excellent results in policy consultation work and academic researches. Under the leadership of the Development Research Center of the State Council, the Foundation will continue to make further efforts to coordinate the work between the economic circle and the policy research and consultation institutions. For more information, please visit http://www.cdrf.org.cn.
Published 13 November 2013
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