Chinese insurers to serve projects along Belt and Road Initiative

BEIJING — Chinese insurers should serve projects along the Belt and Road Initiative, the industry's top regulator said Thursday.

Chinese insurers should expand their presence in the Belt and Road regions and increase business in export credit insurance and overseas investment insurance, according to the guidelines released by the China Insurance Regulatory Commission (CIRC).

The CIRC encouraged insurers to serve major national projects with controllable risks and help fund these projects with innovative approaches.

Insurers should speed up expansion overseas to offer underwriting, claim settlements and other services and collaborate with local counterparts to form industrial entities in reinsurance and investment.

The guidelines reminded insurers to beware of changes in global economic and political conditions and regional laws and regulations.