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China Re believes it will have big role to play in open market.
(From Insurance Day)
Byline: Edward Ion
CHINA Re, the mainland's state reinsurer, is predicting it will continue to have a major role to play in the country's reinsurance sector despite moves to cut its compulsory cessions.
Under agreements made by China in its accession to the World Trade Organisation (WTO), China Re is set to lose an arrangement in which direct insurers must cede 20% of their reinsurances to the company.
But according to China Re's chief auditor, Liu Enzheng, the loss of compulsory business has been well factored in by the reinsurer and the move will not be a significant set-back to its performance.
He told Insurance Day that the group was positioning itself to continue as a cornerstone reinsurer for China's domestic market even when the compulsory business ends on January 1, 2006.
He said: "We have expected this for a long time and we believe our direct insurers should be free to seek their reinsurance from anywhere they choose.
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