China Moves to Set Up Shanghai International Reinsurance Market

The Shanghai Insurance Exchange will lead development of the Shanghai International Reinsurance Center under implementation rules issued Thursday by the National Administration of Financial Regulation and the Shanghai municipal government.

Shanghai, already China’s financial center, has sought since 2019 to develop a global reinsurance hub to rival London, Hong Kong and Singapore. It issued guidelines in 2021 to advance the effort. The Shanghai Insurance Exchange was launched in 2016 as China’s first insurance exchange platform.