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China Re Group launches the first Chinese political violence insurance product in China to effectively protect the overseas safety of “going global” companies

source: 浏览次数: Release time: July 16, 2019Views:

Recently, China Re Group developed and launched the first domestic Chinese political violence insurance product, which has effectively filled the domestic market's protection gap in this area. Under the new requirements of the current high-quality construction of the “Belt and Road”, it has built up for many “going global” companies Comprehensive and reliable risk protection "firewall".

Product innovation comes from the market call. At present, many “Belt and Road” countries and regions have weak economic foundations, complex geopolitical relations, large differences in religious beliefs, and are threatened by terrorist threats from extreme organizations, which have brought intricate overseas risks to “going global” companies. Due to the limited access to risk information and weak publicity of risk, companies that "go global" often lack awareness of special risks such as political changes and terrorism, and lack response experience. In particular, the risk of political violence is highly concealed and lacks early warning. Once it occurs, it will cause serious losses to enterprises and individuals, and have a great impact.

Domestically, political violence insurance is still in its infancy, with less than 20% of Chinese overseas engineering projects receiving a small amount of insurance coverage through overseas markets. The first domestic Chinese political violence insurance product developed by China Re Group was launched in a short time after its launch. China Re Insurance, a core subsidiary of China Re, has successfully underwritten 5 political violence insurance projects involving Turkey, Bangladesh, Guinea, Pakistan, Algeria and other countries. At the same time, China Land Insurance, a subsidiary of China Re, received the political violence insurance demand for overseas projects of China Aluminum Corporation, CITIC Construction and other “going out” companies within a short period of time after the product launch, and successfully issued an order to accumulate insurance liability. Nearly $ 200 million. Recently, Dadi Insurance has successively received consultations on political violence insurance for overseas projects of central enterprises. Based on a careful examination of the key factors such as the type, category, industry, investment area, and investment amount of the insured project, Dadi Insurance will be customized Political violence risk protection plan to meet the actual needs of customers.

This innovative product fully demonstrates the strength and advantages of China Re Group as the main force in China's reinsurance industry in terms of resource integration, risk solution research and development, and technology leadership in the insurance industry. At the same time, the research and development of this product also reflects the technological innovation capabilities of China Re Group's business units, especially the newly acquired British special insurance direct insurance and reinsurance company-Bridge Social Insurance Group, with its strong technical strength and market influence , Make great contributions to the successful launch of the product.

Political violence insurance is used to cover the loss of insured property caused by terrorist acts, strike riots, malicious destruction, war and other events. The insurable risks are as follows: 1. acts of terrorism; 2. vandalism; 3. riots, strikes and / or civil unrest; 4. malicious destruction; 5. mutiny and / or coup; 6. war and / or civil war. In addition, this insurance can expand the scope of coverage such as delayed completion or business interruption, and joint business interruption. Prior to the "9.11" incident, political violence insurance business was only carried out in a few countries such as the United Kingdom, Sri Lanka, and Colombia; in recent years, as the global political violence risk has become increasingly serious, the political violence insurance business has received increasing attention from the insurance market. Launched in more than 150 countries, more than 30 Lloyd's syndicates can provide underwriting capacity.


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