Thierry Leger, CEO of French reinsurer SCOR, said in an interview with China Daily that the company will “significantly” increase investment in the Chinese market to capture China’s long-term growth prospects. said.
He added that he “strongly disagrees” with claims that China’s economic development has peaked, as there is still potential for consumer spending and digital transformation.
“China is expected to become the world’s second-largest reinsurance market over the next decade, prompting global reinsurers like SCOR to increase their investments in the country,” Leger said in an interview. “
Leger added that the Chinese market has “incredible growth potential” and is expected to become SCOR’s second largest market.
Leger also explained that the sector’s growth prospects will be supported by China’s strong economic growth potential over the next 10 to 20 years and the current large gap in insurance coverage. Reinsurance.
Leger also noted that China’s aging population will “increase demand” for life and health insurance products.
In addition to this, the continued growth of China’s industrial sector requires more real estate coverage, and climate change will increase the demand for compensation related to natural disasters, he noted.
“China’s contribution to SCOR’s overall business is expected to increase to at least 10-15% over the next 10-20 years, and premium income in China is expected to double or even triple,” Leger said. told China Daily.
“We are confident that China’s reinsurance market will become the second largest in the world in the next 10 years,” he added.
“This demonstrates the importance of the Chinese market and the need to continue investing in talent, expertise, tools and data in the Chinese market,” he added.
