The Belt and Road Insurance Consortium of Singapore has been formed by an alliance of insurers supporting China’s international development push.
The consortium, which was unveiled at the 14th Singapore International Reinsurance Conference, aims to support the Belt and Road Initiative, a global development strategy spearheaded by China in 60 countries across Europe and Asia. Numerous infrastructure projects such as roads, railways, power plants, and ports will be constructed, and all these require insurance.
According to Lim Hng Kiang, Minister for Trade and Industry and deputy chairman of the Monetary Authority of Singapore, the Belt and Road Insurance Consortium of Singapore will bring together the insurers, reinsurers, and brokers from Singapore and China to provide underwriting capacity, insurance protection, risk management services, and all-in-one solutions for the various Belt and Road projects of China in the Asia-Pacific region.
The Singapore branch of China Reinsurance Group (China Re) is the main administrator of the Belt and Road Insurance Consortium of Singapore.
The consortium will initially focus on engineering insurance and cargo and liability insurance. It has already received positive feedback from several re/insurers and brokerages in Singapore, and is expecting more firms to join soon.
Wong Shyun Tsai, Minister for National Development of Singapore, commented that China Re and the rest of the consortium have “opened a new chapter for the cooperation between China and Singapore in the field of insurance.”
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