Launching the World Insurance sigma and Swiss Re Institute's China Center

Swiss Re Institute launched its flagship publication, the annual edition of the World Insurance sigma in Beijing on 4 July 2019, in the presence of Mr. Xing Wei, President of the Insurance Association of China (IAC) and John Chen, President of Swiss Re China.

With the growing importance of the insurance market in China and publication of this sigma, Swiss Re Institute is also pleased to announce the timely opening of its Swiss Re Institute China Centre in Beijing.

John Chen chaired the event and welcomed the audience, which included journalists from the major medias covering topic of insurance/finance in China, as well as representatives from the China Banking and Insurance Regulatory Commission; Swiss Re clients such as PICC, Ping An, CPIC, and New China Life; industry bodies like the Insurance Association of China, and insurance data company like the China Insurance Information Technology Company.

Mr. Xing Wei then briefed the audience about the insurance market in China today, and he recognized the importance of sigma research in the Chinese insurance market as well.

Next, Swiss Re Group Chief Economist Jérôme Jean Haegeli presented the main findings from sigma 3/2019 "World insurance: the great pivot east continues". The central narrative of the sigma is the continued rise of the emerging markets, mostly emerging Asia and China in particular, as the main drivers of industry growth. In 2018, global insurance premium volumes passed a new benchmark high of USD 5 trillion, with the biggest contribution coming from China. Swiss Re Institute forecasts that China's share of global premiums will rise 20% by 2029, and that it will become the largest insurance market in the world by mid-2030s.

Mr. Haegeli also talked about the opening of the Swiss Re Institute China Centre, explaining the reasons and ambitions for the Centre.