There is need to cover the major infrastructure and industrial projects for construction defects, market risks, credit risks, and even political and legal risks, Mr. Wang said.
With competition coming into the Chinese market, the government authorities want China Re to play a more effective role in enhancing the underwriting capabilities of domestic insurers and to promote healthy development of the Chinese reinsurance market through the handling of inward and outward reinsurance businesses, sources say.
Besides its head office in Beijing, China Re has branches in Shanghai, Shenzhen and Chengdu as well as representative or liaison offices in London, Dubai, New York and Hong Kong. It handles reinsurance for both life and non-life segments.
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