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The Asian Insurance Market Development and Regulation Seminar Held in SEPKU

On November 10, the seminar on the Development and Regulation of Asian Insurance Market was held in SEPKU. A total of more than 30 guests and representatives from over 10 countries and regions attended the conference. The seminar was chaired by Assistant Professor Jia Ruo of the Department of Risk Management and Insurance.

Professor Zheng Wei, Director of the Department of Risk Management and Insurance of SEPKU, first delivered a welcoming speech and introduced the profiles of Department of Risk Management and Insurance of SEPKU. Subsequently, Professor Zheng introduced the topic of "Overview of China`s Economy and Insurance Market", introduced the leading indicators of China`s economic development, the comparison of China`s economic development with the world and the general situation of China`s insurance market.

During the exchange seminar, participants discussed on the theme of "Asian Insurance Market Development and Regulation". Due to the different national conditions, the development and supervision of insurance markets in different countries and regions also have their own characteristics. The representative from the Philippines introduced the development of the insurance market in the Philippines. He said that the products in the non-life insurance market are mostly risk-based and the life insurance products are mostly investment-oriented. Representatives from Pakistan and Bangladesh respectively introduced the development of micro-insurance, and indicated that the government provided relevant policy support such as tax incentives for the development of micro-insurance. The representative from Fiji said that its insurance market is still in the development stage with a total of only nine insurers. Relatively speaking, Hong Kong`s insurance market has matured. Representatives from Hong Kong said there are over 140 insurers in the region, with consumers from all over the world and high satisfaction with the insurance company`s products and services. Representatives from other countries and regions also spoke one by one. Finally, a representative of China Insurance Regulatory Commission introduced China`s insurance regulatory system, that is, a risk-based supervision system of the second generation solvency based on the characteristics of emerging markets. This is also a new change and focus of China`s insurance market in recent years. During the seminar, all the participating guests actively exchanged their ideas on the theme of the conference and strengthened the communication and understanding among emerging market countries in the field of insurance market development and supervision.

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