SAIB at “CIRC Shanghai Bureau Conference of Reinsurance Business”（2018-5-19）
On May 16th 2018, CIRC Shanghai Bureau held the Conference of Reinsurance Business. Senior Officers attended the meeting and made a speech. Three Insurance brokers including SAIB were invited. SAIB Senior Consultant Harvey Ho attended and made a speech at the meeting on behalf of the company.
CIRC Shanghai bureau held this conference on reinsurance business in order to promote the construction of regional reinsurance in Shanghai as well as prepare the compilation of <The Development Plan of Shanghai Regional Reinsurance Centre>. The conference covered topics of the reinsurance business of each company and problems & difficulties contained, and the problems, difficulties & suggestions within the cross-border reinsurance business of “Belt and Road” cooperation. The opinions and suggestions on the construction of Shanghai Regional Reinsurance Center covered areas like market system, supervision policy and industry self-discipline. SAIB proposed, from the perspective of its own situation, a number of opinions and Suggestions for the construction of Shanghai Regional Reinsurance Centre, including the development of the original insurance industry which cannot meet the reinsurance demand; The main body of reinsurance market is too small to provide a sufficient competition; Supporting policies such as finance and taxation are still to be perfected; and lack of reinsurance talents and a backward technical standards, etc.
In 2015, SAIB got the first authorization in China to be the registered insurance brokers of Lloyd’s London and meanwhile established its fully-owned subsidiary in London. The Reinsurance Dept consisted of staff that are proficient in multiple foreign languages and have many years of experience in reinsurance. SAIB typical RI projects include: Sinopec offshore oil drilling platform protection and indemnity insurance, the 2008 Beijing Olympic athletes’ comprehensive insurance, and wharf operation liability insurance. In the future, SAIB will further utilize its advantages of the London subsidiary to provide high-quality reinsurance brokerage services for the domestic insurance industry.