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 USD28 billion in commercial insurance premiums in the years to 2030. Engineering and marine insurers in particular stand to benefit, taking most of the estimated USD14 billion during the construction phase of BRI projects. After construction, assets/facilities in operation in countries outside of China are forecast to generate another USD14 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 Belt and Road Initiative with the theme focussed on looking at whether the insurance industry can rise to the challenge. The Summit provides the key platform bringing together leading experts and industry leaders to provide a comprehensive analysis of the insurance landscape in Asia to capitalize on these growth opportunities, be it through new partnerships, strategic alliances or industry-wide pools and co-operation. These are exciting times for the insurance industry globally.
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.