金改前沿｜再保险全产业链初步形成，新型风险保障需求带来新机遇

Core Insights - The Shanghai International Reinsurance Center is experiencing steady growth, with a cumulative registration scale nearing 110 billion yuan by the end of Q3 2025, indicating a robust development in the reinsurance sector [1][2] Group 1: Development of the Shanghai International Reinsurance Center - The establishment of the Shanghai International Reinsurance Registration Trading Center is a strategic initiative to enhance Shanghai's position as an international financial center [2] - The center has achieved a stable operational environment, with 26 related institutions and 128 institutions granted trading permissions, forming a preliminary complete reinsurance industry chain [2][3] - By the end of Q3, the trading scale at the center reached 4.5 billion yuan, with a cumulative registration scale of nearly 110 billion yuan [2] Group 2: Emerging Risks and Market Demand - There is a rising demand for comprehensive risk coverage across various sectors, driven by economic transformation and the rapid development of strategic fields such as technology and green energy [4] - The global reinsurance market is increasingly seeking China's underwriting capabilities, with significant losses from natural disasters exceeding 100 billion USD annually [4][5] - The rapid advancement of technology is changing risk demands, presenting challenges in pricing and loss assessment for new types of risks [5][6] Group 3: Regulatory Environment and Market Dynamics - The reinsurance industry is encouraged to enhance its role as a "multiplier," "regulator," and "connector" to promote effective risk coverage [7] - There are structural issues in the domestic reinsurance market, with a need for better resource allocation and competition in certain business types [7][8] - The Shanghai International Reinsurance Center aims to align with international standards and optimize the regulatory environment to facilitate cross-border business and attract foreign institutions [8]