Tianjin-based Bohai Life Insurance has teamed up with 10 major banks and seven other insurers have signed a strategic partnership framework agreement to offer financial services for projects in the Belt-Road economic outreach initiative.
The agreement was signed on 17 December with the Tianjin branches of the banks and with insurers which include Ping An Property Insurance, China Pacific Property Insurance, Bank of China Insurance and Asia Pacific Property Insurance.
According to the strategic agreement, Bohai Life will strengthen cooperation with all signatories in the Belt-Road initiative and undertake cooperation in insurance business, bancassurance, insurance product innovation and insurance fund utilisation, as well as promote innovation and development. This will increase integration between the insurance industry and the real economy.
In recent months, several insurers have announced efforts to support Belt-Road projects. Among them, China Pacific Insurance (Group) says it has set up a special team to serve businesses related to the economic initiative. It offers a package of insurance coverage and risk management services for a number of overseas projects such as China-Europe freight trains.
As an indication of the importance of the initiative, which was announced in 2013 by Chinese President Xi Jinping, the Belt-Road strategic thrust was added to the constitution of the Communist Party of China during the National Congress in October.