At the “High-Quality Development of Reinsurance” special session of the 2025 Lujiazui Forum on June 19, Zhuang Ganzhi, vice chairman and president of China Reinsurance Group, emphasized the critical role of reinsurance in the insurance ecosystem. He highlighted that reinsurance serves as a safety valve and stabilizer for the insurance market and is a vital component of the national economic and financial security system.
Key Points
Reinsurance Function: Reinsurance addresses the “last mile” issue in risk management by diversifying high risks, internationalizing business operations, and marketizing risk pricing. It enables globally insurable and dispersed risks that are otherwise uninsurable or locally uninsurable, such as catastrophe, special, and complex risks.
Strategic Value: Reinsurance holds significant strategic value in serving major national strategies, independent technological innovation, disaster management, social governance, and high-level opening up to the outside world. The high-quality development of reinsurance is integral to China’s financial reform and deepening and a key component in building a financial powerhouse.
Future Actions: China Re will further strengthen the function and role of reinsurance, fully support the construction of the national catastrophe insurance guarantee system, and actively promote the issuance of catastrophe bonds domestically. The company will also continue to iterate the research, development, and application of China’s catastrophe model to advance the modernization of the national governance system and governance capacity.
Global Participation and Innovation
Global Operations: China Re will leverage its global operational and management advantages to deeply participate in global risk governance and provide high-quality services for the “Belt and Road Initiative.” The company will actively “bring in” advanced management concepts, innovative products, high-quality services, and risk control technologies from the international market.
Service Optimization: China Re will continue to optimize the supply of reinsurance services, support insurance in playing the role of the “two tools and three networks,” and focus on key areas such as responding to climate change, cultivating new quality productivity, developing low-altitude economy and inclusive finance. The company aims to build a product system with China Re’s characteristics to serve national strategies.
Policy Support: Under policy guidance and support, China Re will further participate in the construction of the Shanghai International Reinsurance Center, promoting platform development, business expansion, the formulation of trading rules and data standards, and exploring the implementation of new policies such as the cross-border convenient use of reinsurance funds.
Conclusion
Zhuang Ganzhi’s remarks underscore the strategic importance of reinsurance in enhancing the resilience of the insurance market and supporting national strategies. By strengthening reinsurance functions, promoting catastrophe bonds, and optimizing service supply, China Re aims to contribute to the modernization of the national governance system and governance capacity, while actively participating in global risk governance and leveraging international innovations.
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