On 24 December, He Chunlei, deputy secretary to the Party Committee and president of China Re Group, attended the 266th press conference of the CBIRC, to introduce to the press at the conference that China Re Group would leverage on its core advantages of reinsurance to facilitate the new development pattern of “dual circulation”, and carried out an in-depth exchange of views with the journalists there on issues such as facilitating the advantages of the new development pattern and strengthening the catastrophe risk management measures.

　　The Fifth Plenary Session of the 19th CCCPC stressed the overall strategy and proposed to build a new development pattern with a big internal circulation as the main body and a dual circulation covering domestic and international markets, which will bring more development opportunities to the insurance industry. He Chunlei pointed out that China Re Group, as the main reinsurance channel and the pioneer of “going global” in China’s insurance industry, will effectively grasp the needs of national strategies, focus on the pain points of the industry, highlight the advantages of the principal reinsurance business, with a view to facilitating the new development pattern in areas of promoting the supply-side innovation of the insurance industry, improving the overseas risk protection capability, and accelerating the technology-driven development.

　　Promoting the supply-side innovation in the insurance industry and facilitating the “big circulation in China”

　　The first is to promote the building of infrastructure in the industry. China Re Group will continue to develop catastrophe models with independent intellectual property rights such as earthquakes, typhoons and floods, and build infrastructure including life tables, critical illness tables, shipping insurance indices and flood risk curves to continuously export public liability products to the industry. The second is to promote the expansion of risk protection in the industry. China Re Group will push forward the development of new products such as catastrophe insurance, construction inherent defect insurance, agricultural insurance, environmental pollution liability insurance and long-term medical care insurance, and promote the research and building of the major public health and safety risk management platform to facilitate the industry to quickly fill the gap of protection, as part of its efforts to better serve the building of the national catastrophe management system and social governance system.

　　Improving the overseas risk protection capability and facilitating the “dual circulation” covering domestic and international markets

　　The first is to assist the BRI development. In addition to building the BRI overseas insurance cooperation network, promoting the establishment of China’s BRI reinsurance community and holding presidency of the reinsurance community, China Re Group will continue to improve its overseas organizational layout and business structure, so as to provide more comprehensive protection for China’s overseas interests. The second is to accelerate the development of the domestic market through international development. By actively leveraging on the market and technological advantages of Chaucer under China Re Group, it will build a domestic and overseas synergistic platform, continuously introduce comprehensive risk management solutions with pressing demand such as clean energy insurance and network security insurance, and replicate international advanced technologies, business experience and professional talents in the domestic market, so as to promote the transformation and upgrade of China’s insurance industry.

　　Promoting innovation and development and consolidating the driving force of technology

　　The first is to enhance the core competitiveness of China Re Group through digital transformation. Over the past three years, China Re Group has implemented the “Digital China Re” strategy and endeavored to improve the level of online, digital and intelligent transformation. With the upcoming release of China Re Digital 2.0, China Re Group will expedite the building of a data-driven corporate structure and accelerate the development of two core capabilities, namely data intelligence and risk management intelligence, to comprehensively promote the intelligent operation, primary insurance driven reinsurance and ecological platform. The second is to empower industry development driven by technology. While comprehensively strengthening the integration of data with other industries, China Re Group will create for the reinsurance industry a new Internet ecosystem and open innovation model, explore new paths for value growth, and empower the industry to achieve better development in terms of product research and development, actuarial pricing, disaster prevention and mitigation.

　　During the “14th Five-Year Plan” period, China’s insurance industry remains in a period of key strategic opportunities, and will play a great role in serving the “dual circulation”. The high-quality development of the insurance industry requires a strong reinsurance system. Guided by the spirit of the Fifth Plenary Session of the 19th CCCPC, China Re Group will spare no effort to serve the implementation of the national strategies, build industry infrastructure, promote industry innovation and upgrade, assist people to build a promising life, and comprehensively facilitate the new development pattern of “dual circulation”.