Delegates at the event discussed ways in which the UK and Chinese insurance industry could build on their existing relationship and deepen their cooperation.
Chairman of Lloyd’s, John Nelson, who hosted the event, described the current relationship between the UK and China as in a “golden period” and emphasised the role that Lloyd’s could play in China’s growth plans.
“We very much look forward to working in partnership with Chinese insurers and businesses to develop solutions, and help build resilience to the many risks in the world today that threaten economic growth,” said Nelson. “We are committed to increasing our contribution to this ever-strengthening UK-China relationship, and hope that this wonderful spirit of cooperation continues to grow.
Speaking at the event, Chairman of China Re, Zhang Hong, highlighted the cooperation between Chinese and UK insurance regulators on a range of areas including regulation of oversea investment and reform of solvency system.
He also praised the cooperation between the two countries on insurance market access between the two countries, using China Re’s example of setting up a managing agent in the Lloyd’s market as an example.
Further growth for both nations’ insurance sectors could come from China’s “Belt and Road” initiative the UK’s National Infrastructure Plan, both of which will require insurance solutions, he said.
“We hope to see a continuously flourishing Chinese insurance and reinsurance market,” said Hong. ”And I believe, the UK insurance industry will benefit from this huge growth potential through more active market participation and cooperation.”
He called on the UK and Chinse insurance sectors to work together more closely together on insurance investment by investing in bonds, securities and other assets that support big infrastructure projects in the two countries and the EU; working together on insurance products and services; and looking at new initiatives such as insurance institutions, mutual and insurance funds.
The meeting at Lloyd’s was part of a two-day event between Chinese and UK officials on trade, investment, financial services and energy.
China is an important market for Lloyd’s, worth £93 million in gross written premium last year.