With the signing of the Regional Comprehensive Economic Partnership (RCEP), China and ASEAN will see increasingly closer economic and trade cooperation relationship, and will have demand for the cooperation and development of the insurance industry in more areas at higher levels. In this context, the China Taiping Insurance Cooperation and Development Forum was held in Nanning, Guangxi on November 26 to discuss ASEAN-oriented cross-border insurance products and business innovation, promote the construction of ASEAN and the Belt and Road insurance service network, and discuss the ASEAN-oriented finance and insurance innovation development in the new era. The forum was hosted by China Taiping Insurance Group, and undertaken by China Taiping ASEAN Insurance Service Center and Taiping Property Insurance Co., Ltd., with support from the Guangxi Zhuang Autonomous Region Local Financial Regulatory Bureau, Guangxi Bureau of China Banking and Insurance Regulatory Commission, and Guangxi Insurance Industry Association.
It is reported that the joint cross-border insurance innovation laboratory will integrate and optimize resources of all parties, speed up the construction of Nanning Insurance Innovation Comprehensive Demonstration Zone through policy research, and innovation in insurance products and service, and enhance the comprehensive insurance innovation capabilities of Guangxi Pilot Free Trade Zone and the ASEAN-oriented open financial portal, the capability to serve the real economy, and the level of opening-up. Taiping-CUFE ASEAN Insurance Research Institute will become an innovative research platform for Taiping Group’s ASEAN-oriented cross-border insurance products, a high-end think tank platform supporting the construction of Guangxi financial open portal geared to ASEAN, and a talent training platform offering professional cross-border financial insurance theory and practical courses. Moreover, China Taiping Insurance Group released the Report on Disaster Risk and Property Insurance Market in ASEAN Countries.
Hong Bo, Deputy General Manager of China Taiping Insurance Group, said that China and ASEAN have huge potential in the insurance markets, and China Taiping will be consistently involved in the economic and social development of Guangxi and promote the development of ASEAN cross-border insurance. He put forward four proposals. First, take the lead in exploring innovative cross-border insurance models, actively use the advantages of insurance resources agglomeration, and carry out pilot practices in the areas of mutually accepted insurance purchase and compensation, accommodation of funds, equity investment, foreign exchange settlement, etc. Second, foster cross-border insurance market exchanges and cooperation, and deepen the synergy and interaction with the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing economic circle. Third, step up efforts to introduce and train professional talents, improve the supporting mechanisms, and ensure the channels for exchange and training of talents between China and ASEAN. Fourth, hold the ASEAN Insurance Forum to provide an important platform for strategic dialogue, exchange and cooperation for global insurance entities and cross-border insurance markets, especially the insurance industry chain in the ASEAN market.
China Taiping is the pioneer in China-ASEAN cooperation in insurance. As early as the 1930s, it established insurance institutions in ASEAN countries and regions such as Vietnam and Indonesia, and now has presence in ten ASEAN countries. Taiping Insurance Group’s ASEAN Service Center, as China’s first regional financial institution headquarter geared to ASEAN, settled in Nanning in September 2019. Over the past year, as an important global platform for carrying out cross-border business and establishing cooperative relations with ASEAN, the ASEAN Center has provided risk guarantee worth RMB 9.2 billion for 14 major Chinese-funded projects in 6 ASEAN countries and 2 African countries, provided tariff risk guarantee worth RMB 50 million for Guangxi enterprises with import trade with ASEAN countries, and provided risk guarantee worth over RMB 160 million for the staff dispatched by Guangxi enterprises.
China Taiping ASEAN Insurance Service Center is committed to sharing more “Taiping characteristics” and “international elements” for the construction of Guangxi financial portal geared to ASEAN. With the joint cross-border insurance innovation laboratory as a platform, it launches innovative products, offers innovative services, cultivates innovative professionals, explores innovative mechanisms, and contributes the power of innovation. Starting with ASEAN Insurance Institute, it will scale up the exchange among industry, universities and research institutes in the Chinese and ASEAN insurance industry chains. Moreover, it will provide richer cross-border insurance products and insurance services for the construction of Guangxi Pilot Comprehensive Insurance Innovation Zone, and contribute to the visibility of Nanning as a regional financial and insurance center geared to ASEAN!