The Shanghai International Reinsurance Registration and Trading Center held a cooperation signing ceremony on June 19, during the 2024 Lujiazui Forum.

Since last year, the center has made significant strides in creating a unified, open, and efficient reinsurance market. Key achievements include breakthroughs in strategic positioning, development paths, infrastructure, regulatory systems, trading platforms, and approval processes.

The recently-signed cooperation agreements cover four main sectors: domestic aircrafts, central State-owned enterprises (SOE) insurance brokers, international insurance collaboration, and green shipping.

For domestic aircrafts, the Lin-gang Special Area Administration, Commercial Aircraft Corp of China, Shanghai Insurance Exchange, and eight insurance firms signed a memorandum to enhance insurance for Chinese commercial aircrafts that are being used overseas, boosting their global competitiveness.

Regarding central SOE insurance brokerage, the Lin-gang Special Area Administration and Shanghai Insurance Exchange, along with 18 insurance and brokerage firms, signed memorandums on supporting the Belt and Road Initiative and the reinsurance center construction, aiming to empower both the insurance industry and real economy.

In terms of international collaboration, four major Chinese insurers signed agreements with eight overseas insurers, focusing on key areas like green development, cross-border cooperation, support for the Belt and Road Initiative, and global economic stability.

In green shipping, the Pudong New Area government, China State Shipbuilding Corporation, and nine insurers signed a memorandum to enhance the lifecycle of green ships, providing robust risk protection for China's green shipping industry.