Asia: Insurers must leverage China's Belt and Road Initiative projects
Source: Asia Insurance Review | May 2018
Asia Insurance Review is organising its inaugural two-day Insurance Summit on Belt and Road Initiative from 12-13 June 2018, in light of the tremendous opportunities arising out of what China’s President Xi Jinping called the “project of the century” which is tipped to be worth $900bn.
HSBC Holdings group chairman Mr Mark Tucker is to be the keynote speaker for this landmark conference, which will be sponsored by HSBC Insurance, DBS Bank and EY among others.
Comprising the land-based Silk Road Economic Belt and the ocean-going Maritime Silk Road, the Belt and Road Initiative (BRI) aims to strengthen economic ties across Asia, Europe and Africa to create business opportunities, promoting connectivity and unimpeded trade for over 65 economies and 4.4bn people along the BRI region.
A Swiss Re report estimated that BRI projects outside of China will generate an estimated $28bn in commercial insurance premiums in the years to 2030. Engineering and marine insurers in particular stand to benefit most during the construction phases, following which assets/facilities in operation in countries outside of China are forecast to generate more premiums for property insurers.
No one wants to miss out on the opportunities. Singapore, for example, has formed a consortium for BRI projects comprising leading insurers, reinsurers and Lloyd’s syndicates, administered by China Re’s Singapore office.
The conference offers the opportunity to meet leading experts and industry leaders to capitalise on the BRI’s opportunities.