China Launched First Insurance Exchange Platform
China has launched its first insurance exchange platform the Shanghai Insurance Exchange that will fill the gap in the country insurance market. The platform’s 2.235 billion yuan will allow insurance trading which they say is a hundred million yuan market.
The Shanghai Insurance Exchange is a Shanghai based, nationwide comprehensive insurance service platform that will serve insurers and consumers globally. The platform is positioned to offer services for product offering and registration, information and trade disclosure and will also offer infrastructure to reinsurance business.the program was launched during a sideline of the Lujiazui Forum 2016 an annual gathering for financial markets that involve scholars, market players and officials in Shanghai.
The chairman of the China Insurance regulatory Commission Xiang Junbo stated during the forum that the insurance market in China will strengthen product offering that will benefit consumers this will include piloting and encourage reverse mortgage for pensioners retirement plans along with a high quality product that meets demand for education and health insurance. Analysts are saying that the insurance market made a significant progress in the recent years and will continue to develop so it will meet the increase in demand for protections.