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.
The event, supported by A.M. Best and International Cooperative and Mutual Insurance Federation (ICMIF), focused on trends and best practice in the global mutual insurance industry, particularly regulatory frameworks.
An officer from the development and reform department of CIRC said: “Developing insurance partnerships is an important part of our strategy to proactively promote and encourage innovation in the insurance sector. The government is supportive of a mutual insurance market in China, which is appropriately regulated and controlled.”
Paul Owens, CEO of the Willis Towers Watson 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.”
