China’s financial regulator has unveiled a comprehensive five-year action plan aimed at propelling the country’s property insurance industry to new heights. Announced on Friday by the National Financial Regulatory Administration, the plan outlines strategic reforms and initiatives designed to foster high-quality development, deepen market reforms, and accelerate business transformation within the sector.
The action plan emphasizes the importance of embracing innovation and technology, calling for strengthened research and application in emerging fields such as intelligent driving, low-altitude economy, and quantum technology. By integrating these cutting-edge areas, China aims to enhance the competitiveness and resilience of its property insurance industry in an increasingly dynamic global market.
In a significant move towards greater market openness, the plan supports qualified overseas financial institutions in investing in the country’s property insurance market. It also encourages eligible Chinese property insurance companies to optimize their global presence and supports the high-quality development of foreign-funded property insurance companies in China.
The plan further pledges to bolster collaboration within both domestic and international reinsurance markets. It proposes exploring methods to promote mutual international recognition of regulatory rules and facilitate connectivity in property insurance businesses. This initiative seeks to enhance cross-border insurance activities and foster a more integrated global insurance landscape.
Addressing risk management, the action plan highlights the need to improve mechanisms for risk prevention, defusing, and disposal. It underscores the importance of diversifying risk mitigation strategies to ensure the industry’s stability and sustainability in the face of potential challenges.
This ambitious plan reflects China’s dedication to transforming its property insurance industry into a robust, innovative, and globally competitive sector over the next five years. Industry stakeholders and investors worldwide are poised to watch closely as these initiatives unfold.
Reference(s):
China issues action plan to boost property insurance industry
cgtn.com
