Shanghai is making significant progress in modernizing cross-border reinsurance settlements. With the support of the Shanghai International Reinsurance Exchange, banks can now settle transactions more quickly and securely through digital trade data.

Previously, reinsurance settlements were hampered by inconsistent documentation standards and lengthy bank verification, often taking two to three working days to complete.

Now, settlement banks can process cross-border reinsurance transactions directly using trade data from international platforms, enabling paperless reviews and real-time settlement through the Shanghai International Reinsurance Exchange.

In a recent case, the Shanghai Reinsurance Center of AXA Tianping Property & Casualty Insurance collaborated with the Bank of China to execute a cross-border reinsurance settlement under this streamlined model.

The move enhances Shanghai's standing as a destination for international insurers and brings the city's reinsurance infrastructure closer to global standards in efficiency and innovation.