In June, it was announced that in order to serve the promotion of consumption, expand domestic demand, facilitate the integrated development of domestic and foreign trade, and further unleash the vitality and potential of China’s super-large-scale market, the insurance industry has established a domestic trade credit insurance consortium.
Composition and Objectives
The domestic trade insurance co-insurance body is composed of multiple direct insurance companies and reinsurance companies. Through the connection model of direct insurance and reinsurance, it enhances the underwriting capacity of domestic trade insurance business, meets the insurance needs of enterprises, and helps to expand coverage and increase limits.
Meanwhile, it is conducive to diversifying business risks, promoting information sharing, and effectively addressing issues such as insufficient accumulation of basic data on domestic trade insurance by insurance institutions, low risk tolerance, and inadequate protection capabilities.
Initial Coverage and Future Expansion
It is learned that the domestic trade insurance co-insurance community will initially provide insurance coverage of 10 billion yuan, and the coverage will be expanded based on actual demand in the future.
Future Plans
Next, the domestic trade insurance co-insurance community will enhance capacity building and project accumulation, improve the quality and efficiency of underwriting and claims services, and at the same time, promote the improvement of support policies and incentive mechanisms to boost enterprises’ enthusiasm for insurance.
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