尹江鳌表示，随着"十五五"时期生产、消费、贸易等领域迈向高质量发展，相关保险需求对供给能 力将提出新的要求。再保险能够借助全球承保能力，实现局部地区不敢保、难以保的风险在全球范围内 分散。同时，面对非理性竞争，再保险也能运用再保机制促进"善保"，规范市场竞争。 "再保险不仅仅是风险转移工具，更是市场定价基准和风险传导信号。当直保市场出现不规范经营 行为时，再保险通过调整分保条件和价格，将后端信号传导到前端，促进我国保险业的规范竞争。"尹 江鳌说。 10月21日至24日，一年一度聚焦再保险行业未来发展的国际盛会在上海临港举办，此次会议以"同 频同行 对话全球"为主题，吸引了28个国家和地区的400余家机构参与。这场会议不仅是上海国际再保 险中心建设成果的集中展示，也是全球再保险领域的思想碰撞盛宴。与会专家一致认为，当前，再保险 在服务实体经济运行、稳定行业发展中的作用日益凸显。未来，再保险既要服务好中国市场的"本土特 色"，更要具备链接全球的视野与能力，在双向互动中提升中国保险业的全球韧性。 再保险国际中心建设提速 金融监管总局财产险司司长尹江鳌在发言中表示，在保险业高质量发展中，再保险应充分发挥"放 大器"" ...

Core Insights - The Chinese reinsurance industry is rapidly developing, with 26 domestic reinsurance entities and 6 foreign institutions operating in Shanghai's international reinsurance registration and trading center, achieving a cumulative trading scale of 4.5 billion yuan and a registration scale of nearly 110 billion yuan by the end of Q3 this year [1][2]. Industry Development - The reinsurance sector is expected to play a crucial role in addressing new insurance demands arising from high-quality development in production, consumption, and trade during the 14th Five-Year Plan period [1][2]. - The next decade is identified as a critical period for filling gaps in China's reinsurance market, with a need to enhance supply capabilities, risk pricing, and market leadership [4]. Risk Landscape - The global reinsurance market faces complex risks, with natural disasters causing insurance losses exceeding $100 billion for five consecutive years, and geopolitical risks increasing exposure in areas such as political violence and cybersecurity [3][4]. - China's reinsurance market currently holds only 4% of the global share, ranking seventh worldwide, indicating significant room for growth [3]. Emerging Opportunities - The demand for reinsurance is expected to rise as Chinese enterprises expand overseas, particularly in sectors like new energy vehicles, which saw exports surpassing 1.28 million units in 2024 [5][6]. - The insurance industry is anticipated to invest more resources into managing risks associated with new energy vehicles, enhancing operational management capabilities [6]. Challenges in Expansion - Challenges faced by insurers venturing abroad include data discrepancies, complex regulatory environments, high service network costs, and the need for specialized risk management [7]. - To address these challenges, initiatives such as building industry-level data platforms, sharing global networks, innovating reinsurance solutions, and promoting standardization are being pursued [7].

Core Viewpoint - The construction of the Shanghai International Reinsurance Center is crucial for the development of Shanghai as an international financial hub, with China Re's subsidiary, China Property Reinsurance Co., actively participating in this initiative [3][4]. Group 1: Contribution to Shanghai International Reinsurance Center - China Property Reinsurance Co. aims to leverage its long-term operational expertise in the reinsurance market to enhance transaction processes and business management models, contributing "China Re wisdom" to the Shanghai International Reinsurance Center [3][4]. - The company is involved in establishing transaction standards for reinsurance, focusing on operational processes, data exchange, and accounting settlement, thereby accelerating the standardization of the reinsurance market [4]. - The Shanghai Reinsurance Operations Center was established in July 2024, enhancing business transactions and system integration to support the center's development [4]. Group 2: Collaboration and Transactions - In May, China Property Reinsurance Co. signed on-site transaction agreements with Taiping Property Insurance and Dadi Insurance, with a total transaction amount exceeding 5 billion [5]. - The company plans to strengthen collaboration between its international business platforms in Beijing, Singapore, and London with the Shanghai Reinsurance Operations Center to promote domestic and international reinsurance transactions [5]. Group 3: Market Challenges and Opportunities - The global reinsurance industry faces challenges from climate change, geopolitical conflicts, and economic tensions, necessitating a search for new development opportunities [6]. - Key trends in the global reinsurance market include increasing risk complexity, technological empowerment, and market differentiation, with opportunities arising from regional development and the export of technical services [6]. - The demand for disaster protection, infrastructure investment, and economic transformation presents growth opportunities in certain regional markets [6]. Group 4: Impact of Technology - The application of artificial intelligence and automation in the reinsurance industry is expected to enhance service capabilities and operational efficiency, becoming a consensus among global reinsurers [7]. - New technologies will improve risk pricing, customer response times, and settlement cycles, while also introducing new operational risks related to cybersecurity [8]. Group 5: International Expansion in New Energy Vehicle Insurance - In the first nine months, China's new energy vehicle exports reached 1.758 million units, a year-on-year increase of 89.4%, prompting leading insurance companies to explore overseas markets [9]. - The competitive domestic car insurance market drives insurers to seek growth in overseas markets, particularly in developing countries [9][10]. - China Property Reinsurance Co. aims to empower insurers' international strategies by building a data platform, sharing global networks, innovating reinsurance solutions, and promoting standard outputs [10].

一是要强化研究引领。再保险业是典型的研究驱动、创新驱动型金融领域。再保险业具有数据聚合和跨 行业分析的优势，具有全球范围的交流互动机制，能够牵头进行基础性、前沿性研究。再保险机构要进 一步增强对巨灾风险、新兴风险和复杂风险的认识，攻克风险定价难题，制定综合解决方案，为经济社 会发展提供风险保障。 二是要强化科技赋能。传统的精算方法难以有效评估新的风险挑战，而科技创新不仅优化了再保险业的 业务流程，更拓宽了服务边界，可以赋能再保险业更准确地预测特定区域的各类风险，实现差异化精准 定价。未来，领先的再保险公司将不再是单纯的资本提供者，更是科技赋能型风险价值创造者。 三是要强化行业协同。再保险机构具有平台型公司的典型特征，是推动行业建立健全风险共担机制、发 挥共同体作用的重要力量。在风险格局日益复杂的当下，全行业通过深度协同合作，可以更好地发 挥"社会稳定器"和"经济减震器"功能作用。未来，再保险应利用业务中立性特点，积极推动行业协同， 不仅要实现承保能力整合，更要积极制定行业标准、共享风险数据，进而提升整个金融体系的韧性。 10月22日，中国再保党委书记庄乾志在2025上海国际再保险会议上表示，未来十年是中国再保 ...

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].

Group 1 - The stock of China Reinsurance (01508) was transferred from HSBC to CITIC Securities, with a market value of HKD 436 million, accounting for 4.18% of the total [2] - China Reinsurance's subsidiary, China Property Reinsurance Co., Ltd., received approval from regulatory authorities to publicly issue 10-year redeemable capital supplement bonds in the national interbank bond market, with a maximum issuance scale of RMB 4 billion [2]

Core Viewpoint - China Reinsurance (01508) has seen a significant shareholder transfer, indicating potential shifts in investor sentiment and market positioning [1] Group 1: Shareholder Activity - On October 14, China Reinsurance's shares were transferred from HSBC to CITIC Lyon Securities, with a market value of HKD 436 million, representing 4.18% of the total shares [1] Group 2: Regulatory Approval and Bond Issuance - China Reinsurance's subsidiary, China Property Reinsurance Co., has received regulatory approval to publicly issue 10-year redeemable capital supplementary bonds in the national interbank bond market, with a maximum issuance size of RMB 4 billion [1]

Group 1 - The stock of China Reinsurance (01508) was transferred from CITIC Lyon Securities to HSBC on October 9, with a market value of HKD 405 million, accounting for 3.84% of the total [2] - China Reinsurance's subsidiary, China Property Reinsurance Co., Ltd. (China Re P&C), received approval from regulatory authorities to issue 10-year redeemable capital supplementary bonds in the interbank bond market, with a maximum issuance scale of RMB 4 billion [2] - The issuance of capital supplementary bonds is expected to enhance the solvency of China Re P&C and support its stable and healthy business development [2]

Group 1 - Liu Yuanzhang has been appointed as a member of the Party Committee of China Orient and is expected to serve as Vice President, while also taking on the role of Party Secretary and prospective Chairman of China Orient's subsidiary, China Insurance Group [1] - Liu Yuanzhang, born in February 1978, holds a Master's degree in Economics and has over 20 years of experience working at China Re [1] - Industry insiders suggest that Liu Yuanzhang's primary focus in his new role will be to lead China Insurance Group [1]

Core Viewpoint - China Reinsurance (01508) is undergoing a significant shareholder transfer and has received regulatory approval for a bond issuance aimed at enhancing its capital structure and operational stability [1] Group 1: Shareholder Transfer - On October 9, China Reinsurance's shares were transferred from CITIC Lyon Securities to HSBC Hong Kong, with a market value of HKD 405 million, representing 3.84% of the total shares [1] Group 2: Bond Issuance - On September 26, China Reinsurance announced that its subsidiary, China Property Reinsurance Co., Ltd. (CPRC), received approval from regulatory authorities to publicly issue 10-year redeemable capital supplementary bonds in the interbank bond market, with a maximum issuance size of RMB 4 billion [1] - The issuance of these capital supplementary bonds is expected to enhance CPRC's solvency and support its stable and healthy business development [1]