The opportunities arising out of the Belt and Road Initiative (BRI) are tremendous for all especially with the insurance landscape being so dramatically reshaped. Comprising the land-based “Silk Road Economic Belt” and the ocean-going “Maritime Silk Road”, BRI aims to strengthen economic ties across Asia, Europe and Africa to create business opportunities, promoting connectivity and unimpeded trade for over 65 economies and 4.4 billion people along the BRI region.
According to Swiss Re’s report, BRI projects outside of China will generate an estimated US$28 billion in commercial insurance premiums in the years to 2030. Engineering and marine insurers in particular stand to benefit, taking most of the estimated US$14 billion during the construction phase of BRI projects. After construction, assets/facilities in operation in countries outside of China are forecast to generate another US$14 billion in premiums, mostly for property insurers. So there is plenty for all.
Asia Insurance Review, as the voice of the insurance industry in Asia, is hosting a two-day insurance summit on the Belt and Road Initiative with a focus exploring the new business opportunities it offers. Belt and Road is being hailed as the biggest infrastructure development project ever seen. This summit provides a key platform to bring together leading experts and industry leaders to provide a comprehensive analysis of the opportunities for Asia’s insurance businesses to capitalise on these growth opportunities, whether through new partnerships, strategic alliances, industry-wide pools or co-operation. These are exciting times for the global insurance industry.
Senior decision-makers and influencers including insurers, reinsurers, brokers, consultants, as well as service providers will want to be at this premier event to explore the potential BRI has to offer.