China has unveiled an ambitious five-year action plan aimed at revolutionizing its property insurance industry. Announced by the National Financial Regulatory Administration, the plan focuses on high-quality development through deepened reforms and increased openness to both domestic and international stakeholders.
The initiative emphasizes accelerating business transformation and upgrading within the industry. One key aspect is strengthening insurance research and applications in emerging fields such as intelligent driving, low-altitude economy, and quantum technology. These advancements are expected to modernize the sector and enhance its global competitiveness.
The plan supports qualified overseas financial institutions investing in China’s property insurance market. This move aims to attract international expertise and capital, fostering a more diverse and robust industry. Additionally, Chinese property insurance companies are encouraged to expand their global presence, promoting cross-border cooperation and development.
Foreign-funded property insurance companies operating in China will receive support to ensure their high-quality development. The action plan also highlights the importance of expanding exchange and cooperation within domestic and international reinsurance markets. Exploring ways to achieve mutual international recognition of regulatory rules and connectivity in property insurance business is a priority.
To safeguard the industry, the plan calls for improved mechanisms related to the prevention, mitigation, and resolution of risks. Diversifying methods for defusing and disposing of risks is seen as essential for maintaining stability and confidence in the market.
This comprehensive approach reflects China’s commitment to modernizing its financial sector and opening up to the global economy, presenting new opportunities for innovation and collaboration in the property insurance industry.
Reference(s):
China issues action plan to boost property insurance industry
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