Core Insights - The insurance industry in China has shown significant development since the 14th Five-Year Plan, with premiums reaching 5.2 trillion yuan from January to September 2025, a year-on-year increase of 8.5% [1] - The global direct insurance and reinsurance markets have surpassed 7.2 trillion and 900 billion USD respectively, indicating a substantial capacity for risk management [1][2] Group 1: Reinsurance as Amplifier and Regulator - Reinsurance serves as an "amplifier" to utilize global underwriting capacity, allowing for the dispersion of risks that are difficult to insure locally [1] - It acts as a "regulator" by promoting rational competition within the insurance market, especially in response to irregular practices in the direct insurance market [2] Group 2: Market Performance and Trends - The comprehensive loss ratio for the property insurance sector was 72.2% from January to September 2025, which is 5.9 percentage points higher than the average over the past decade [1] - The comprehensive expense ratio reached 25.4%, marking the lowest level in 20 years, while the annualized return on equity (ROE) was 10.8%, the highest in nearly a decade [1] Group 3: Technological and Market Development - The Shanghai International Reinsurance Registration and Trading Center aims to enhance the connection between domestic and global insurance markets, fostering a better environment for institutional participation [1][2] - Emphasis is placed on the importance of technology in reinsurance, including risk management, actuarial pricing, and data modeling, to improve the professional level of China's insurance industry [2]