On November 4, Europ Assistance Group (hereinafter referred to as "Europ Assistance") participated in the 2nd China International Import Expo and the 1st Lujiazui International Reinsurance Conference in Shanghai. As a partner of the conference, it hosted a sub-forum on travel risks along the Belt and Road.
The sub-forum on travel risks along the Belt and Road was jointly attended by Liu Jian, Asian Special Envoy of the Taxation Commission of the International Chamber of Commerce and Executive Chairman of the Taxation Committee of the China Council for the Promotion of International Trade, former Executive Deputy General Manager of China Petroleum Engineering & Construction Corp. and General Manager of the Finance, Tax and Pricing Department of CNPC, Chen Peng, Chairman of Sino-Italian Property Insurance Co., Ltd., Dong Xiangbing, Deputy General Manager of the Business Innovation Department of China Life Reinsurance Company Limited, Iain Woodward, Chief Insurance Officer of Europ Assistance Group, Zhang Dilong, Chief Executive Officer of Europ Assistance China, as well as 70 representatives from domestic and international insurance companies, reinsurers, companies going global, and professional service enterprises. The attendees exchanged views on the comprehensive risks faced by Chinese enterprises under the Belt and Road Initiative, particularly those related to personal safety, accidents, and medical protection associated with travel. They collectively expressed their hope to effectively integrate the "risk identification capability, risk underwriting capability, 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, Chief Executive Officer of Europ Assistance China, giving an interview to the media)
Europ Assistance Group 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, as well as more robust underwriting capacity. Currently, Europ Assistance Ireland Branch has obtained qualification filing for facultative reinsurance business from the China Banking and Insurance Regulatory Commission, enabling it to support Chinese enterprises and individual clients venturing into Belt and Road countries and regions by participating in domestic reinsurance business. Sino-Italian Property Insurance 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 business along the Belt and Road. 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, and on the other hand offer necessary information support for insurers in formulating risk protection solutions for Belt and Road enterprises. Based on their understanding and mastery of the political, economic, environmental, medical, and insurance conditions in Belt and Road countries, they can provide relatively professional reinsurance services to domestic ceding insurers, thereby effectively covering the risk exposure of end customers.
(Mr. Iain Woodward, Chief Insurance Officer of Europ Assistance Group, delivering a speech)
At the Europ Assistance Belt and Road Travel Risk Sub-forum, the attending guests and corporate representatives, in the spirit of openness, innovation, cooperation, and mutual benefit, engaged in lively exchanges with Europ Assistance. By clarifying roles and positioning, they explored in depth how to achieve resource complementarity and advantage integration, and how to support Chinese enterprises and personnel along the Belt and Road through insurance, reinsurance, and related services. They reached the following consensus:
1.Integration of Underwriting Capacity:Regarding potential property risks, operational risks, and special risks that may be encountered internationally and regionally along 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 work closely with reinsurers to "orient towards the needs of Belt and Road enterprise clients," introducing internationally advanced insurance products or jointly innovating insurance products to meet the diverse protection needs of Belt and Road enterprise clients.
2.Integration of Professional Capabilities:Faced with the diverse characteristics of various Belt and Road countries, enterprises encounter different risks in different nations, which will drive the upgrading of insurance products, insurance services, and product solutions. Therefore, by leveraging international reinsurance capabilities as a support and foundation, and with direct insurers as providers of insurance protection, supported by the service capabilities of professional institutions, it is possible to promote innovation 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 business models of Chinese enterprises and understands the service needs of both corporate and individual clients. In recent years, it has repeatedly provided essential, timely, and professional rescue services for employees, families, or clients of Chinese Belt and Road enterprise clients. Therefore, on one hand, it can effectively compensate for the shortage of global rescue service capabilities of direct insurers; on the other hand, by leveraging the advantages of Europ Assistance Group's global assistance and medical networks, it can also provide valuable references for risk assessment and solution formulation by direct 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 make contributions.
(On-site at the Europ Assistance Belt and Road Travel Risk and Protection Sub-forum. Second from left: Iain Woodward; third from left: Dong Xiangbing; third from right: Zhang Dilong; second from right: Liu Jian; far right: Chen Peng)