Cultural, Market and Regulatory Differences in China Challenge Risk Professionals
NEW YORK (April 23, 2013) — China has established itself as a global economic leader and, as such, the importance for organizations around the world to conduct business and insure their operations in the region has become paramount to organizational success. RIMS’ Executive Report “The Challenges of Implementing an International Insurance Program in China” explores the cultural, market and regulatory differences that can impact an organization’s ability to design and implement an appropriate insurance program structure in China.
Developed by RIMS International Committee and authored by Alex Yip, chairman of JLT Lixin Insurance Brokers Co., Ltd., the new report provides insight on working with the China Insurance Regulatory Commission (CIRC), the current legal climate in the region, premium and deductible tendencies, as well as recent regulatory developments that can affect the implementation of these foreign insurance programs.
“With every border a business crosses, challenging new risks emerge,” said RIMS International Committee Chair Connie Bartels. “China’s regulatory requirements, its unique insurance market and, even, its culture can intimidate risk professionals. Proper education and, in some cases, finding the right partner can be the key to international insurance success.”
RIMS International Committee is made up of risk management professionals with international experience assembled to identify global trends impacting risk management and to ensure that RIMS offers globally relevant products and services. The committee provides content advice on the need and development of globally focused tools, educational offerings, products and services, to a growing international risk management sector.
RIMS’ “The Challenges of Implementing an International Insurance Program in China” Executive Report is free for both members and non-members. The report is available in RIMS newly revamped Risk Knowledge library located on the RIMS’ website here.