Open AccessThe Development of the Offshore Reinsurance Market in Singapore and Its Experiences for India
Author(s) -
Bofang Li
Publication year - 2017
Publication title -
research in economics and management
Language(s) - English
Resource type - Journals
eISSN - 2470-4407
pISSN - 2470-4393
DOI - 10.22158/rem.v2n5p205
Subject(s) - medicine
In March 2017, China Insurance Regulatory Commission issuedNotice on M atters R elat ed to theP rovision of G uarantee M easures for OffshoreR einsurers, and announced the formal establishment of a deposit system for Offshore reinsurers.This measure improve s China ’ s 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 Chin ese reinsurance market.The establishment of Offshore reinsurance margin system provides institutional guarantee for the construction of international Offshore reinsurance in China . India , a s 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 account s for greater proportionin 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 Asia ’ s largest international financial center but also one of Asia ’ s largest international reinsurance centers . Its Offshore reinsurance market is more mature . In the past 10 years , ithas maintain ed 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 ,combi nes 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.