Core Viewpoint - The establishment of the Shanghai International Reinsurance Registration Trading Center is a significant step towards creating a global insurance hub and enhancing the capabilities of international financial centers, aiming for a more efficient, standardized, and transparent reinsurance trading ecosystem [2][3]. Group 1: Development of the Reinsurance Market - As of September 2025, 26 insurance institutions have gathered at the reinsurance registration trading center, with 6 foreign institutions establishing trading seats, covering countries such as the UK, Barbados, and the Democratic Republic of the Congo, as well as regions like Hong Kong and Taiwan [1]. - The trading center has opened trading permissions for 128 institutions, including 94 domestic and 34 foreign entities, spanning 14 countries and regions globally, forming an initial complete reinsurance industry chain [1]. Group 2: Standardization and Efficiency - The Shanghai International Reinsurance Registration Trading Center aims to address common challenges in the global reinsurance market, such as the lack of recognized data standards and high operational costs, by serving as an industry infrastructure and public backend [2]. - The center has implemented industry standards for blockchain applications in reinsurance, enabling standardized contracts, bills, and settlement documents to be generated online, thus reducing clearing and settlement costs [2][3]. Group 3: Industry Collaboration and Initiatives - The center has published 8 business rules in two batches, aligning regulations and standards with international norms, and has created a unified code library for identifying global reinsurance trading entities, covering 845 domestic and 2,421 foreign institutions [3]. - Major insurance institutions, including China Pacific Insurance and Hannover Re, have jointly advocated for the use of the center's infrastructure and standards to enhance industry efficiency [3]. Group 4: Market Dynamics and Future Prospects - China Pacific Insurance has centralized its reinsurance operations in Shanghai and is actively pursuing policy support for issuing the country's first catastrophe bonds, aiming to enhance domestic capital market potential [4]. - The Shanghai International Reinsurance Registration Trading Center is expected to increase the willingness of foreign counterparties to engage with the platform, thereby attracting more reinsurance resources and enhancing Shanghai's influence in the global insurance market [4]. Group 5: Transaction Data and Transparency - From January to September 2025, the trading center recorded a total transaction premium of 4.511 billion yuan, with registered outgoing business premiums at 96.539 billion yuan and incoming business premiums at 11.271 billion yuan [5]. - The center's transparent and authentic transaction data has been recognized by the central bank, facilitating cross-border reinsurance transactions and enhancing the competitiveness of domestic entities in the global market [5].