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A.M. BestTV: China Looks to Captives for Insurance Growth


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FOR IMMEDIATE RELEASE

OLDWICK - AUGUST 26, 2016 12:20 PM (EDT)
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. Click on http://www.ambest.com/v.asp?v=chinacaptives816 to view the entire program.

“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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  • Charting a Course for Insurance in Cuba, the ‘Country That Time Forgot’: The thawing relationship between the United States and Cuba is revealing opportunities for insurance companies: http://www.ambest.com/v.asp?v=cuba816.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv .

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