The Shanghai Insurance Exchange was launched on Sunday. It is China's first insurance asset trading platform and will boost transparency and efficiency in the world's 3rd largest insurance market.
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Shanghai Insurance Exchange launched
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The new insurance exchange was launched during Lujiazui Forum, an annual two-day meeting of authorities, market players and scholars, which focuses on financial market development. With initial registered capital of 2.24 billion yuan, the exchange enables trading of insurance assets and insurance derivatives, including international reinsurance, shipping insurance and mega insurance deal bidding, according to a statement of the exchange. According to Pei Guang, director of the Shanghai Insurance Regulatory Bureau, Shanghai will use a 300 billion yuan insurance investment fund and the insurance exchange to position the city to become a major insurance hub by 2020. The exchange will connect domestic and global insurance markets and will be a bridge between insurance markets and the overall capital market. It will facilitate the emergence of a reinsurance trading and pricing center and become an important vehicle for catastrophe insurance development.
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