On June 12, the insurance industry established the Domestic Trade Credit Insurance Co-insurance Body to support the national strategy of promoting consumption, expanding domestic demand, and facilitating the integrated development of domestic and foreign trade. Sunshine Property & Casualty Insurance is one of the founding members of this consortium.
In recent years, the Chinese government has emphasized the importance of accelerating the construction of a unified national market and promoting the integrated development of domestic and foreign trade. Domestic trade credit insurance is a timely development, designed to cover the risk of accounts receivable in domestic trade.
If a company insured under this policy encounters issues such as buyer payment delays or bankruptcy, it can obtain compensation through the insurance. Additionally, domestic trade credit insurance has a financing function, allowing companies to submit their accounts receivable and policies to banks for financing, thereby reducing cash flow pressure.
The newly established consortium consists of 11 direct insurance companies, including Sunshine Property & Casualty Insurance, and three reinsurance companies. It aims to enhance the underwriting capacity for domestic trade insurance through a direct and reinsurance connection model. This will provide full-chain risk protection for domestic trade enterprises, help expand coverage, and increase credit limits. It will also address issues such as insufficient data accumulation, low risk tolerance, and inadequate protection capabilities among insurance institutions.
Sunshine Property & Casualty Insurance has long been committed to serving economic and social development by increasing the supply of insurance products and services. A relevant spokesperson for the company stated that after joining the consortium, Sunshine will leverage its national service network, focus on key areas, enhance service efficiency, and cooperate sincerely with other members to improve the quality and efficiency of underwriting and claims services. This will contribute to the construction of a unified national market and the integration of domestic and foreign trade.
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