China issues action plan to boost development of property insurance industry

China's financial regulator on Friday issued an action plan to boost the high-quality development of the property insurance industry over the next five years.

The plan proposes deepened reforms and advanced opening up in the industry, as well as accelerated business transformation and upgrading, according to the National Financial Regulatory Administration.

One of the measures is to strengthen insurance research and application in new fields such as intelligent driving, low-altitude economy, and quantum technology.

The plan supports qualified overseas financial institutions to invest in the country's property insurance market, encourages eligible Chinese property insurance companies to optimize their global presence, and supports the high-quality development of foreign-funded property insurance companies in China.

It pledges to expand exchange and cooperation within domestic and international reinsurance markets and says that ways to promote mutual international recognition of regulatory rules and property insurance business connectivity should be explored.

It also highlights the need to improve mechanisms related to the prevention, defusing and disposal of risks, and the need to diversify risk defusing and disposal methods, according to the financial regulator.

(Xinhua with edits; cover via CFP)