The Development of the Offshore Reinsurance Market in Singapore and Its Experiences for India

Bofang Li

Abstract


In March 2017, China Insurance Regulatory Commission issued Notice on Matters Related to the Provision of Guarantee Measures for Offshore Reinsurers, and announced the formal establishment of a deposit system for Offshore reinsurers.

This measure improves Chinas reinsurance regulatory system. It can not only prevent the cross-border transfer of foreign financial risks through reinsurance exchanges but also promote the smooth and healthy development of Chinese reinsurance market. The establishment of Offshore reinsurance margin system provides institutional guarantee for the construction of international Offshore reinsurance in China. India, as a major shipping country in the world, has superior geographical location and mature shipping business. The establishment of international reinsurance center plays an important role in promoting the development of India’s insurance market and shipping market. Offshore reinsurance business accounts for greater proportion in business structure of the international reinsurance center. The establishment and development of Offshore reinsurance center in India need to compete with many mature Offshore reinsurance companies in the world. Singapore is not only Asias largest international financial center but also one of Asias largest international reinsurance centers. Its Offshore reinsurance market is more mature. In the past 10 years, it has maintained a steady growth trend, which can provide a reference for the development of Offshore reinsurance business in India. This paper begins with the development conditions and market data of Singapore Offshore reinsurance market, analyzes the development of Singapore’s Offshore reinsurance market and the development of the domestic insurance industry in India, combines with the analysis of the advantages and disadvantages of Mumbai, Kandla Port and other places, and puts forward suggestions for the development of Offshore reinsurance business in India.


Full Text:

PDF


DOI: http://dx.doi.org/10.22158/rem.v2n5p205

Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 Bofang Li

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright © SCHOLINK INC.  ISSN 2470-4407 (Print)  ISSN 2470-4393 (Online)