On November 4th, Europ Assistance Group (hereinafter referred to as “Europ Assistance”) participated in the 2nd China International Import Expo and the inaugural Lujiazui International Reinsurance Conference held in Shanghai. As a partner of the conference, it hosted a sub-forum on travel risks under the Belt and Road Initiative.
Liu Jian, Asian Special Envoy of the ICC Tax Commission, Executive Chairman of the Tax Committee of the China Council for the Promotion of International Trade, former Executive Deputy General Manager of CNPC International Engineering Corporation, and former General Manager of the Finance, Tax and Pricing Department of CNPC; Chen Peng, Chairman of Sinosure-Generali Property Insurance Co., Ltd.; Dong Xiangbing, Deputy General Manager of the Business Innovation Department of China Life Reinsurance Co., Ltd.; Iain Woodward, Chief Insurance Officer of Europ Assistance; Zhang Dilong, CEO of Europ Assistance China; along with 70 representatives from domestic and international insurance companies, reinsurers, “going global” enterprises, and professional service firms, jointly attended the Belt and Road travel risk sub-forum. The attendees engaged in discussions on the comprehensive risks faced by Chinese enterprises under the Belt and Road, particularly those related to personal safety, accidents, and medical protection associated with travel. They collectively looked forward to effectively integrating the “risk identification capability, underwriting capacity, insurance service capability, and assistance service capability” within the Belt and Road travel risk projects, thereby providing more comprehensive and professional risk protection and insurance service support for Chinese enterprises along the Belt and Road.
(Mr. Zhang Dilong, CEO of Europ Assistance China, being interviewed by the media)
Europ Assistance has service outlets in over 220 countries and regions worldwide, covering most areas along the Belt and Road. As a group member and international reinsurer, Europ Assistance Ireland Branch (EAIB) possesses professional risk assessment capabilities and risk solutions in the global travel, leisure, and business travel insurance markets, along with more robust underwriting capacity. Currently, Europ Assistance Ireland Branch has obtained qualification filing from the China Banking and Insurance Regulatory Commission for facultative reinsurance business, enabling it to support Chinese enterprises and individual clients venturing into Belt and Road countries and regions by participating in reinsurance business within China. Sinosure-Generali has provided services to large enterprises in the Chinese market for many years and has an in-depth understanding of the practical needs of Chinese enterprises expanding their businesses in Belt and Road regions. International reinsurers such as Europ Assistance Ireland Branch, through close cooperation between direct insurers and reinsurers, can on one hand provide effective decision-making basis for the “going global strategy” of Belt and Road enterprises; on the other hand, they can also offer necessary information support for insurers regarding the “risk protection schemes for Belt and Road enterprises.” Based on their knowledge and grasp of the political, economic, environmental, medical, and insurance conditions in Belt and Road countries, they can provide relatively professional reinsurance services to domestic cedants, thereby effectively covering the risk exposure of end customers.
(Mr. Iain Woodward, Chief Insurance Officer of Europ Assistance, delivering a speech)
At the Europ Assistance Belt and Road Travel Risk Sub-Forum, the attending guests and corporate representatives, embodying the spirit of openness, innovation, and win-win cooperation, engaged in lively exchanges with Europ Assistance. By clarifying roles and positioning, they deeply explored how to achieve resource complementarity and advantage integration, as well as how to support Chinese enterprises and personnel along the Belt and Road through insurance, reinsurance, and related services. The following consensus was reached:
1.Integration of Underwriting Capacity:Regarding potential property risks, operational risks, special risks, etc., that may be encountered internationally and regionally under the Belt and Road, on one hand, reinsurers can leverage their ample underwriting capacity to provide reinsurance protection to direct insurers; on the other hand, domestic direct insurers can also engage in in-depth cooperation with reinsurers to “orient towards the needs of Belt and Road enterprise clients,” introducing internationally advanced insurance products or co-developing innovative insurance products, thereby meeting the diverse protection needs of Belt and Road enterprise clients.
2.Integration of Professional Capabilities:Faced with the many distinct characteristics of Belt and Road countries, enterprises encounter different risks in various nations, which will drive the upgrade of insurance products, insurance services, and product solutions. Therefore, leveraging international reinsurance capabilities as a foundation and backing, direct insurers—as providers of insurance protection—can, with the service capabilities of professional institutions, promote innovations in domestic existing insurance products, service innovation, business model innovation, and insurance technology innovation.
3.Integration of Service Capabilities:Europ Assistance has been deeply rooted in China for 30 years, maintaining long-term and solid cooperation with numerous domestic insurance companies and corporate clients. It is familiar with the operating models of Chinese enterprises and understands the service needs of both corporate and individual clients. Particularly in recent years, it has provided essential, timely, and professional rescue services multiple times for employees, families, or clients of Chinese Belt and Road enterprise clients. Therefore, on one hand, it can effectively compensate for the global rescue service deficiencies of direct insurers; on the other hand, by utilizing Europ Assistance Group’s advantages in global assistance and medical networks, it can also provide value-based references for risk assessment and solution formulation by direct insurers and reinsurers. Through the integration of the aforementioned service capabilities, it aims to build a “China–International–Belt and Road Countries Comprehensive Insurance Service Network.” Benchmarking against internationally advanced insurance service capabilities, it helps domestic insurance companies enhance their comprehensive service capabilities, develop insurance competitiveness with Chinese characteristics, and contribute to the industry.
(Scene from the Europ Assistance Belt and Road Travel Risks and Protection Sub-Forum. Left 2: Iain Woodward; Left 3: Dong Xiangbing; Right 3: Zhang Dilong; Right 2: Liu Jian; Right 1: Chen Peng)