China Pacific Insurance to support Belt, Road business

China Pacific Insurance (Group) Co Ltd (CPIC), one of the country's largest insurance groups, will bet on business opportunities brought by the Belt and Road Initiative, according to the group's President He Qing.

"Insurers have a big role to play in taking part in the great initiative, such as providing a package of insurance coverage and risk management consulting for Chinese enterprises' global expansion, providing financing for them via equity and debt investment or initiating an industrial fund or infrastructure fund," said He, adding the company will strengthen its investment in related areas.

So far, CPIC has provided a package of insurance coverage and risk management services for a number of major overseas projects and companies such as China-Europe freight trains, overseas assets by China Guangdong Nuclear Power Company and China Oil & Foodstuffs Corporation. The insurer also set up a special team to serve business related to the Belt and Road Initiative this year.

According to Gu Yue, chairman of China Pacific Property Insurance Co, it is urgent to set up a risk evaluating and early warning system for Chinese enterprises taking part in the initiative.