The global captive practice of broker Willis Towers Watson has hosted a workshop in Beijing with senior officials from the Chinese Insurance Regulatory Committee (CIRC) to discuss the development of a mutual insurance sector in China.
Supported by AM Best and the International Cooperative and Mutual Insurance Federation (ICMIF), the event focused on trends and best practice in the global mutual insurance industry, particularly with regard to regulatory frameworks.
Experts from around the world gathered to share their experiences and knowledge of the sector and debate the strategic and technical challenges.
Following the two-day workshop, a seminar was held in Beijing with 150 attendees, including delegates from businesses considering establishing a mutual insurance company.
Speakers at the event included: Steve Kinion, director, Bureau of Captive and Financial Insurance Products, Delaware Insurance Department; Robert Myers, partner, Morris, Manning & Martin; Richard Hobbs, independent consultant (UK); Jose Riberio, managing director, AM Best; Thierry Weishaupt, international development manager, MGEN and ICMIFL; Paul Owens, chief executive officer, global captive practice, Willis Towers Watson; and Christina Kindstedt, Willis Towers Watson.
Paul Owens, chief executive officer of Willis Towers Watson’s global captive practice, added: “The mutual insurance sector represents 27 percent of global insurance premium and has seen growth outstripping the traditional insurance market since the financial crisis of 2008.
“The mutual insurance sector is often seen as a risk transfer solution for organisations where affordable capacity is not available in the traditional insurance market.
He added: “The seminar demonstrates the enormous interest that is developing in China to set up mutual insurance companies, and the desire to learn from global best practice. I look forward to working closely with businesses in China and the CIRC to develop the necessary regulatory framework to facilitate the growth of this sector.”
An officer from the development and reform department of CIRC said: “The CIRC would like to thank Willis Towers Watson and the guest speakers for their contributions and co-operation in the continuing discussions on the development of a mutual insurance sector in China.
“Developing insurance partnerships is an important part of our strategy to proactively promote and encourage innovation in the insurance sector.
They added: “The government is supportive of a mutual insurance market in China, which is appropriately regulated and controlled.”
Willis Towers Watson, CIRC, AM Best, Captive insurance, Mutual insurance, China, Asia-Pacific