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The Belt and Road
Overseas Business Networking Conference for the Belt and Road Initiative Held in Beijing
China Pacific Insurance (Group) Co Ltd (CPIC) organized a networking conference for overseas business under the Belt and Road Initiative in November 2017. The conference was to discuss how insurers could play a better role in helping Chinese companies seize business opportunities presented by the Belt and Road Initiative. Over 300 delegates from China’s State Council, Ministry of Foreign Affairs, National Development and Reform Commission, Ministry of Commerce, insurance companies, banks, academic institutions and customers participated in this conference.
At the conference, CPIC released its all-around risk management solution for overseas corporations and an insurance package for the safety of Chinese employees working overseas that offers across-the-board risk protection including “kidnapping, blackmailing, accidents, and emergency rescue services”.
CPIC P/C for the Belt and Road Initiative Services
In March 2017, in response to China’s Belt and Road Initiative, CPIC set up a special team for overseas insurance services, which is responsible for offering all-around risk mitigation and insurance services for the overseas investments and construction projects by Chinese firms.
CPIC launched Belt and Road Initiative insurance services by developing insurance service packages for Chinese enterprises’ overseas businesses. It has provided insurance coverage for business projects accumulatively valued at over 500 billion RMB, covering 65 countries and regions under the Belt and Road Initiative.
As a leading insurer in China, CPIC strives to meet the needs of customers and offers streamlined, integrated, and international risk management services for customers. It offers tailor-made and value-added services for clients to help them achieve product lifecycle management by assessing customer values from multiple perspectives and offering them a complete range of insurance services, which effectively boosts their business process management.
CPIC has collaborated with major insurers and insurance inspectors in the main countries covered under the Belt and Road Initiative, enabling it to offer support and services for their global expansion. CPIC provides assistance to Chinese companies in terms of insurance consulting, the issuing of local insurance policies, insurance inspections, risk warning and claims services.
CPIC closely follows various types of risks and opportunities in countries under the Belt and Road Initiative and offers effective support for Chinese firms participating in the initiative. CPIC has successfully provided a package of insurance coverage and risk management services for a number of major overseas projects and companies such as China-Europe freight trains, overseas assets for both China Guangdong Nuclear Power Company and China Oil & Foodstuffs Corporation, the CNPC oil and gas project in Mozambique, the CNOOC Iraq project, the Yanbu Aramco Sinopec Refining project in Saudi Arabia, the Zambia railway project, and the Laos power grid project.
Freight trains between China and Europe have become the key overseas project for China Railway Corporation in response to the Belt and Road Initiative. CPIC first offered insurance for China-Europe freight trains in April 2017.
CPIC offered insurance coverage for the overseas assets of China Guangdong Nuclear Power Company, safeguarding its overseas expansion under the Belt and Road initiative.
CPIC developed and offered the Inherent Defects Insurance (IDI) for the foreign aid project conducted by China’s Ministry of Commerce, with insurance coverage of 20 years. The China-Maldives Friendship Bridge has been the largest foreign aid project to date.
Starting from 2009, CPIC has been offering personal injury insurance and overseas emergency rescue coverage for Chinese diplomats stationed overseas. Since 2013, CPIC has been the sole P/C and liability insurer for around 400 Chinese embassies and consulates.
CPIC’s Strategic Plan for Serving the Belt and Road Initiative
Improving our product portfolio and developing tailor-made reinsurance packages.
Pursuit: Enabling clients to easily choose their insurance packages:
Clients select their location → local risk lists → products covering the risks → customers select insurance coverage → tailor-made solutions from CPIC
Integrating third-party services to produce a streamlined and systematic risk management solution and offer all-around support for our clients’ global expansion.
Adding more overseas service centers and service providers, including dispatching resident staff and establishing CPIC DESK.
Developing and managing the communication platform for property/casualty insurance.
Developing the communication platform for property and casualty insurance to provide added-value services such as overseas project updates, collaboration, risk consulting, and risk management databases for overseas projects.