Swiss Re Institute signs strategic cooperation agreement with Zhuhai Municipal Government to accelerate its risk research and innovation ambition
Article information and share options
Swiss Re Institute and the Zhuhai Municipal People's Government have signed a strategic cooperation agreement to advance insurance innovation and enhance risk protection for Zhuhai and the broader Guangdong-Hong Kong-Macau Greater Bay Area (GBA) region in China.
Under the strategic cooperation framework, Swiss Re will partner with the local government to develop innovative research & development (R&D) programs to support the sustainable growth of Zhuhai in light of China's recently inaugurated 14th Five Year Plan. The partnership aims to enhance social and economic resilience by leveraging joint R&D capabilities together with insurance capacity. As a leader in risk management and mitigation, Swiss Re Institute will help advance R&D activities to enhance economic resilience and sustainability. Further, Swiss Re will help facilitate the integration of China into the global financial market through Zhuhai or the Greater Bay Area, and to safeguard the development of the Belt and Road Initiative.
A partnership centered on sustainable growth
The partnership will focus on the sustainable development of urban and rural economies and the construction of the Demonstration Zone of In-depth Cooperation1 among Guangdong and Macau in Hengqin of Zhuhai. Swiss Re Institute will work with Zhuhai government, leveraging its risk expertise, global R&D and innovation capabilities, as well as its extensive experience co-developing innovative risk management solutions. Our partnership will help deliver actionable strategies regarding risk management, risk solutions and services for public and private companies in the region. This includes risk covers, resilience-as-a-service, and risk management services, which will help strengthen the economic resilience of Zhuhai City and thus benefit the whole region of the Greater Bay Area. Importantly, the partnership will tackle urbanization development risks, including clean mobility and energy, digital supply chains, smart city development under Swiss Re Institute's Quantum Cities™ initiative, alongside rising concerns on social and public health as well as natural catastrophe exposures.
Zhuhai's strategic importance
In March 2020, the central government of China and the State Council officially released the 14th Five-year Plan stating the objectives and directions of economic and social development, long-term development goals up to 20352. Zhuhai is highlighted in the national plan with specific responsibilities in promoting further opening-up of China. Zhuhai is one of the initial four special economic pilot zones in China since 1980 to implement the opening-up policy. It has high strategic importance as a node city linking mainland China with Hong Kong and Macao Special Economic Zones. It is also uniquely positioned to help drive regional economic development of the Guangdong-Hong Kong-Macao Greater Bay Area and further connect Southeast Asian markets.
Swiss Re is strongly committed to China and has been sharing its global know-how and risk knowledge to contribute to China's insurance market development since it established representative offices in China in 1995. With new advances in technology and data availability, this partnership can showcase how Swiss Re Institute's R&D capabilities can lead to local solutions of global scale. We are excited to work hand-in-hand with public, private, and research partners in supporting China's national development plans by enhancing social and economic resilience through risk R&D, solutions, and services.