29.08.2016, 17:53
China Looks to Captives for Insurance Growth
OREANDA-NEWS. In this A.M.BestTV episode, a host of new captive insurance organizations is emerging in China as the country’s insurance regulator seeks sector growth.
“There are huge opportunities for growing captives in China,” said Paul Owens, chief executive officer, global captive practice, Willis Towers Watson. “The Chinese Insurance Regulatory Committee (CIRC) has a stated aim to grow insurance premium by 20% per year, and one of the key elements and drivers to attain that goal will be the captive sector.”
Steve Kinion, director of captives, Delaware, believes that China not only is one of the largest insurance markets in the world, but in 10 years, “it will be the second largest insurance market, which allows for a lot of captive growth.”
Owens and Kinion said they are working very closely with the CIRC to help the senior managers understand the “real nuts and bolts” in developing a regulatory framework, which China presently lacks.
“There are huge opportunities for growing captives in China,” said Paul Owens, chief executive officer, global captive practice, Willis Towers Watson. “The Chinese Insurance Regulatory Committee (CIRC) has a stated aim to grow insurance premium by 20% per year, and one of the key elements and drivers to attain that goal will be the captive sector.”
Steve Kinion, director of captives, Delaware, believes that China not only is one of the largest insurance markets in the world, but in 10 years, “it will be the second largest insurance market, which allows for a lot of captive growth.”
Owens and Kinion said they are working very closely with the CIRC to help the senior managers understand the “real nuts and bolts” in developing a regulatory framework, which China presently lacks.
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