Spanish insurer MAPFRE said it has signed a memorandum of understanding with China Re to insure infrastructure within the belt and road initiative promoted by China.
The two said they will collaborate on insuring investments related to the Belt and Road Initiative (BRI), a massive infrastructure plan launched by the Chinese government in 2013 to connect China with the world’s major economies.
As part of the agreement signed between the two companies, MAPFRE will offer insurance and reinsurance support to Chinese interests in Latin American and European countries where it has a local presence. MAPFRE will also act as cedant for China Re on projects of interest to both parties.
China Re is the largest reinsurer in China and Asia, and the owner of China Continent, one of the five largest insurers in the Chinese market.
MAPFRE and China Re have been collaborating for a number of years, in both reinsurance transactions between both, and in roadside assistance, through their respective subsidiaries, Road China Assistance and China Continent.
The BRI is signature project of China President Xi Jinping. It is a long-term intercontinental project that includes the construction of roads, railways, ports, airports, oil and gas pipelines and power plants, but also includes other projects, such as educational programs and the construction and development of special economic zones. The route includes areas in Afghanistan, Pakistan, Iraq, Syria and Yemen as well as African countries including Egypt, Kenya and South Africa.
China says that more than 130 countries are currently BRI members.
In 2017, Starr Cos. announced it is working with China’s PICC Health Insurance Co. Ltd. to provide insurance for Chinese company employees working overseas on the BRI. The companies are providing a specialty accident and health offering jointly developed by PICC Health, Starr Property & Casualty Insurance (China) Co. Ltd., and Starr Companies’ Assist Card International subsidiary. PICC Health is a subsidiary of the People’s Insurance Co. (Group) of China Ltd.
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