The Association of British Insurers (ABI) has welcomed the forging of a closer working relationship between the Chinese and the UK governments, which it believes will deliver “real progress” for British insurers.
At yesterday’s Economic and Financial Dialogue (EFD) event between the UK and Chinese governments, ABI director general Huw Evans addressed Chinese and British delegates from the financial services industry. Evans was speaking at the UK China Financial Forum as part of the 8th UK-China EFD.
The ABI said in a statement earlier today that it is pleased that the outcomes of the EFD on pensions and insurance contain a number of ABI recommendations, including a commitment that the Chinese Insurance Regulatory Commission (CIRC) would consider views from UK firms based in China, in particular regarding the adoption of a more open approach to the exchange of personal data (Provisions on Insurance System Informatization).
The CIRC has also agreed to the graduated allowance of foreign ownership of life insurance companies conducting business in China, as well as considering granting a pension licence to Heng An Standard Life.
At the event Evans said: “Today’s announcements, delivering on key ABI asks, shows the growing strength of the UK’s working relationship with China. We look forward to working even more closely with the Chinese government and wider insurance industry in sharing knowledge and experience in the coming months and years.
“Britain has always valued and will continue to value, its strong trade avenues with China, and we believe that the EFD will provide mutually beneficial outcomes for both China and Britain.”
The EFD is an annual meeting between the UK chancellor and the Chinese vice-premier, which has been taking place since 2008. The aim of the EFD is to provide a formal setting to present a series of asks to a foreign administration, and to strengthen bilateral economic and financial ties between the two participating countries.