Recently, China Belt and Road Reinsurance Pool (“the CBRRP”) provided reinsurance coverage for political violence insurance reinsurance to the China Railway Construction Corporation (CRCC)’s Concession Project Phase II of Talca-Chillán section on Chile Route 5 during the operation. This is the first project undertaken by the CBRRP as a lead reinsurer, marking the institution to a new level in the core underwriting capacity building.
The Concession Project of Talca-Chillán section on Chile Route 5 is one of the key projects for the PRC government and the Chilean government to promote the construction of The Silk Road Economic Belt and the 21st Century Maritime Silk Road; meanwhile it is also the first highway concession project and their largest infrastructure project of Chinese enterprises in Chile, which is a landmark project of the Pan-American Highway in Chile. The project was officially launched on 1 April, and the CBRRP, as the lead reinsurer, provided the project with underwriting capacity and quote services while supporting its members, CPIC Property Insurance and Chenghe Insurance Brokers, to develop a professional insurance solution and provide 70% of the reinsurance coverage as well as comprehensive reinsurance coverage in conjunction with overseas reinsurers.
Since the establishment of the CBRRP, we have endeavoured to support our member companies to actively participate in the bidding of major Chinese funded overseas projects. The professional capabilities and market influences of our four pilot insurance types, especially in the field of political violence business, has been enhanced continuously, and we have gradually exerted a role of leading the market, introduced the international underwriting capacity, and facilitated the international market to underwrite Chinese interest abroad projects under Chinese conditions.
In the future, the CBRRP will continue to enhance its professional competence, actively participate in the establishment of the risk coverage ecosystem, provide a multi-dimensional “Belt and Road” risk management service system for Chinese interest abroad, and jointly promote the quality development of the “Belt and Road Initiative”.