The risk landscape and insurance opportunities in the Greater Bay Area of China, 粤港澳大湾区专题报告:风险格局与保险机遇

The Greater Bay Area (GBA) of China encompasses Hong Kong and Macau, and nine cities in Guangdong province.[1] It is important because of its geographical location and its economic significance, the latest Expertise Publication from Swiss Re Institute says.  The GBA accounts for 12% of China's total output and, importantly, it will play a prominent role in the Belt and Road Initiative by connecting southern China with the countries along the 21st Century Maritime Silk Road.[2] In February 2019, the central government of China and the State Council issued the official development plan,  stating the objectives, development goals and guidance for the GBA up to 2035.

We believe the key to success of the GBA will be building overall resilience and improving risk management frameworks, with insurance a central component. With regional economic development and integration, the risk landscape facing the GBA will become more complex, and new risks will emerge. It is important that all stakeholders in the GBA ecosystem better understand the current and future risk landscape, and implement holistic risk management practices. Governments across the three jurisdictions will play a primary role in raising risk awareness, promoting institutional capacity to deal with existing and new risks, and fostering partnership with the re/insurance industry to improve risk assessment, transfer and financing.

The full version of this study is available in Chinese only. You can read a short summary version in English here.

 

[1] The nine cities in Guangdong province are Guangzhou, Shenzhen, Zhuhai, Dongguan, Huizhou, Zhongshan, Foshan, Zhaoqing and Jiangmen

[2] The GBA region, bordering China, the South China Sea, and facing Southeast Asia, has always been the most important hub in southern China along the Maritime Silk Road. To the west, it is adjacent to the North Bay area in Guangxi province, linking it to the ASEAN markets.

粤港澳大湾区涵盖了广东省九座城市以及香港和澳门特别行政区,具有得天独厚的地理位置优势,是中国开放程度最高、经济活力最强的区域之一。粤港澳大湾区背靠中国内陆,与南海依湾相连,与东南亚隔海相望,是海上丝绸之路中连接南海与东南亚路线的最重要枢纽。根据中国统计局数据,2018年,大湾区区域生产总值逾1.6万亿美元,高于全球第10大经济体韩国,人均生产总值高达2.3万美元。当前政策规划旨在将粤港澳大湾区打造成国际一流湾区和世界级城市群。

粤港澳大湾区亦是中国气象灾害最严重的地区之一,其中台风引发的巨灾风险为首要风险。在建设湾区城市群的过程中,基础设施建设将为工程险带来巨大的发展机遇,同时也对保险公司的承保技术和承保能力提出了严峻的挑战。航运中心与贸易中心的发展有望带动航空险、水险、出口责任险等主要商业险需求的提升;同时风险的聚集和保险责任的复杂程度也需格外重视。伴随香港作为国际金融中心地位的进一步巩固,以及在岸与离岸金融市场的融合也将使内外部市场风险的同频、同步特征将更加明显,潜在影响也将更加广泛。高新技术与创新发展、绿色发展、打造智能城市等主要发展方向也将涉及多种风险,蕴含更多新兴风险,譬如网络风险。受科技、经济、人口等宏观趋势的驱动,大湾区面临的风险格局日趋复杂,各类风险相互交织、相互传导、相互影响的特征也将日益显著,因此对风险管理提出了更高要求。

在此基础上,本报告进一步探讨了提升风险保障的主要举措,具体包括:巩固和发展政企合作机制、拓展现有保障范围、利用资本市场实现风险转移、采取定制化再保险解决方案、及积极探索创新型解决方案。在提升大湾区整体风险保障的过程中,各利益相关方都将发挥出不可或缺的作用。鉴于政府部门的作用至关重要,本文也提出了若干政策建议。

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expertise publication 粤港澳大湾区专题报告:风险格局与保险机遇