The Million Dollar Round Table or MDRT, in partnership with the Chamber of International Commerce Shanghai, hosted the MDRT China Day 2024 at the Shanghai International Convention Center on Sept 10.

This year's MDRT China Day seeks to bolster Shanghai's position as a global financial hub and fuel the next phase of growth for the Chinese insurance sector. The event highlighted the insurance industry's crucial role in national economic and social development, emphasizing the importance of deepening reforms and promoting high-quality development in the industry's journey towards modernization.

The event drew together industry leaders and experts for discussions on deepening financial innovation in Shanghai and enhancing the delivery of precise insurance services to clients.

Representatives from organizations such as the Shanghai Council for the Promotion of International Trade, Chamber of International Commerce Shanghai, Shanghai Public Security Bureau Administrative Office of Overseas Non-Governmental Organizations, Shanghai Financial Association, and Shanghai Insurance Association were in attendance.

Yang Dongsheng, chairman of the Chamber of International Commerce Shanghai, underscored the positive trajectory of China's insurance industry.

"In 2023, China's insurance industry generated original insurance premiums of 5.12 trillion yuan ($719.27 billion), a year-on-year increase of 9.14 percent," he said. This achievement, marking the first time domestic premium income has surpassed the 5-trillion-yuan threshold, "demonstrates the resilience and development potential of the insurance industry," he added.

The MDRT, established in 1927, is a global association of life insurance and financial service professionals with over 95,000 members across 700 companies in 80 countries. The organization established a representative office in Shanghai in 2020, signifying its commitment to supporting members and insurance companies in China.

This year's event follows the first MDRT China Day held in September 2023, further solidifying the MDRT's presence and dedication to fostering excellence within the Chinese insurance market.