Beijing, December 7, 2024 – The Europe Today: China’s financial regulator, the National Financial Regulatory Administration, has unveiled an ambitious five-year action plan to foster the high-quality development of the country’s property insurance industry. The plan, released on Friday, focuses on deepening reforms, enhancing openness, and advancing business transformation to modernize the sector.
The action plan encourages qualified overseas financial institutions to invest in China’s property insurance market, while supporting Chinese property insurers in optimizing their global operations. Additionally, foreign-funded property insurance companies operating in China are poised to benefit from initiatives promoting their high-quality development.
The plan calls for expanded cooperation between domestic and international reinsurance markets and emphasizes exploring mechanisms to achieve mutual recognition of regulatory rules and improved connectivity in property insurance businesses worldwide.
Key measures outlined in the plan include:
Accelerating business transformation: Encouraging property insurers to adopt innovative strategies and enhance service quality.
Diversifying risk management mechanisms: Developing advanced methods for preventing, defusing, and disposing of risks within the property insurance framework.
Strengthening international collaboration: Promoting exchanges between domestic and global reinsurance markets to boost industry resilience.
The regulator also underscored the importance of fostering regulatory alignment with international standards to improve market efficiency and connectivity.
This strategic roadmap reflects China’s commitment to modernizing its property insurance sector while fostering greater integration into the global financial ecosystem. The initiative is expected to enhance risk management capabilities and drive sustainable growth in the insurance industry.
