China has made major advances in building a community for the insurance industry in countries along the Belt and Road, an economic outreach programme of the Chinese government that extends from Asia to Europe.
In the past few months, more than 20 countries along the route have signed memoranda of cooperation with China Reinsurance Corporation (China Re), the initiator of the community, according to Mr Yuan Linjiang, Chairman of China Re.
The cooperation network is expected to cover all relevant countries by the end of the year, reported China Daily. Around 70 countries lie along the Belt and Road route.
Mr Yuan said that Chinese insurance and reinsurance companies will work closely with their foreign counterparts, which will provide services for local customers such as claims settlement and policy issuance.
He said: "The overseas market is enormous, and we need to support each other in expanding operations."
China Re is the only state-owned reinsurance company in China. It is estimated that the company provides reinsurance worth CNY60 billion (US$8.7 billion) for the Belt and Road Initiative annually.
On 27 April, the CIRC issued guidance for Chinese insurers to serve the Belt and Road Initiative. Chinese insurers are encouraged to expand their presence in the Belt and Road regions and increase business in export credit insurance and overseas investment insurance.