Zhuang Qianzhi from China Re: Strengthen the role and functions of reinsurance to serve high-level opening-up

On March 23, Zhuo Qianzhi, Secretary of the Party Committee and Chairman of China Reinsurance Group, delivered a speech at the “Expanding High-Level Opening of the Service Sector” session of the China Development Forum 2026 Annual Meeting. He stated that the development of the reinsurance industry is a vivid reflection of China’s high-level opening and high-quality development of the financial services sector. At the same time, reinsurance inherently possesses a global nature, bearing the important mission of enhancing economic resilience, dispersing complex risks, and connecting domestic and international insurance markets. It should further play its role as an economic shock absorber and social stabilizer, providing comprehensive risk protection for opening-up.

Zhuo Qianzhi said that reinsurance is insurance for insurance, supporting insurance companies in dispersing risks and strengthening financial stability. It is the main mechanism to solve the “last mile” problem of risk management. Reinsurance further cedes and disperses complex risks, special risks, and catastrophe risks undertaken by direct insurance companies, which is of great significance for enhancing industry resilience. Although reinsurance companies rarely appear in the public eye, almost every direct insurance policy is backed by reinsurance support. Reinsurance is also one of the earliest financial sectors opened after China joined the WTO in 2001, serving as an important window and testing ground for China’s financial sector opening-up.

Currently, China’s reinsurance market has formed a diversified development pattern involving domestic and foreign professional reinsurers, with over 16 professional reinsurance companies (7 Chinese-funded and 9 foreign-funded), and more than 500 entities participating in the Chinese reinsurance market through offshore transactions. Chinese reinsurance institutions learn from and collaborate with international peers, supporting the stable and healthy development of China’s insurance market. In recent years, China has actively promoted the upgrade of the reinsurance market to a “two-way opening,” and the opening process of the reinsurance industry is a vivid reflection of China’s high-level opening and high-quality development of the financial services sector.

China Re is China’s only state-owned reinsurance group. Since China joined the WTO and abolished statutory reinsurance, we have gained experience through opening-up and grown through competition. Our domestic reinsurance market remains the main channel, while actively participating in global competition. Our reinsurance premiums rank eighth worldwide and first in Asia. China Re has established overseas offices in 11 countries and regions, with business covering over 200 countries and regions globally. In 2019, it acquired the UK-based Bridge Insurance Group, a century-old company. International business accounts for over 18%, and profitability continues to improve, making it the most internationalized Chinese insurance institution. China Re has clearly set a strategic vision to become a world-class comprehensive reinsurance group by 2035 and has been recognized by the International Association of Insurance Supervisors as the first domestically active international insurance group. During the 14th Five-Year Plan, we will further participate in global risk governance and contribute to China’s high-level two-way opening of the insurance industry.

As an economic shock absorber and social stabilizer, reinsurance can safeguard China’s high-level opening-up, Chinese enterprises, and the insurance industry’s “going global.” First, fully serve the high-quality construction of the Belt and Road Initiative; second, support industrial upgrading and export service standards; third, provide professional health protection for overseas and cross-border personnel. We offer specialized services such as kidnapping and ransom insurance and emergency rescue for over 20,000 overseas employees of China Railway Construction, China National Petroleum, and others; and have launched innovative products like “Hong Kong People Going North” cross-border medical insurance to meet the needs of residents in the Guangdong-Hong Kong-Macao Greater Bay Area. In the future, we will also promote the “going global” of domestic excellent insurance solutions such as overseas specialty drug insurance, develop medical insurance products for overseas personnel coming to China, and introduce Chinese insurance concepts, products, and services to the international market.

Based on the new development stage of the 14th Five-Year Plan, to better leverage the unique functions of reinsurance and promote high-level opening-up of the service industry, Zhuo Qianzhi emphasized that as the national reinsurance team and main force, China Re should undertake greater missions and demonstrate greater achievements. We will focus on three main areas: First, rely on our overseas service network to strengthen risk protection for high-level opening-up. Currently, Chinese companies are accelerating their “going global,” and domestic direct insurance companies are advancing their internationalization. China Re, as a pioneer in China’s insurance industry “going out,” has established branches in global and regional reinsurance centers such as London, Hong Kong, Singapore, and Bermuda. We will fully leverage our overseas network advantages to enhance our service capabilities in major international markets, providing strong support for China’s insurance industry and the real economy’s opening-up.

Second, promote product innovation and leverage the China “Belt and Road” Reinsurance Community platform. Recently, regional instability in the Middle East and other areas has led to frequent risk events. China Re will rely on the China “Belt and Road” Reinsurance Community to further play its foundational role, gather industry strength, and incorporate the professional advantages of its Bridge Insurance Group. We will increase scenario-based applications for Chinese “going global” enterprises, innovate insurance products, and precisely meet the risk management needs brought about by the level of opening-up.

Third, strengthen technological empowerment and actively participate in global risk governance. In the face of complex overseas risks, emerging risks, and catastrophe risks, China Re will adhere to business-driven and technology-enabled strategies. We will proactively utilize frontier technologies such as artificial intelligence to reshape our intelligent underwriting, precise pricing, disaster prevention and mitigation, and rapid claims services. Relying on IoT terminals and satellite remote sensing technology, we will assist overseas enterprises in real-time risk scene perception, comprehensive monitoring, and early warning, significantly improving risk management capabilities. We will strengthen cooperation, communication, and exchanges with international reinsurance peers to jointly promote global risk governance.