Abstract
<p><em>In March 2017, China Insurance Regulatory Commission issued</em><em> </em><em>Notice on </em><em>M</em><em>atters </em><em>R</em><em>elat</em><em>ed</em><em> to </em><em>the</em><em> </em><em>P</em><em>rovision of </em><em>G</em><em>uarantee </em><em>M</em><em>easures for </em><em>Offshore</em><em> </em><em>R</em><em>einsurers, and announced the formal establishment of a deposit system for Offshore reinsurers.</em><em></em></p><p><em>This measure </em><em>improve</em><em>s</em><em> China</em><em>’</em><em>s reinsurance regulatory system</em><em>. It can not only </em><em>prevent the cross-border transfer of foreign financial risks through reinsurance exchanges </em><em>but also</em><em> promote the smooth and healthy development of Chin</em><em>ese</em><em> reinsurance market.</em><em> </em><em>The establishment of Offshore reinsurance margin system provides institutional guarantee for the construction of international Offshore reinsurance in China</em><em>. </em><em>India</em><em>, a</em><em>s a major shipping country in the world, has superior geographical location and mature shipping business.</em><em> </em><em>The establishment of international reinsurance center plays an important role in promoting the</em><em> development of</em><em> India</em><em>’s</em><em> insurance market and shipping market.</em><em> </em><em>Offshore reinsurance business account</em><em>s</em><em> for </em><em>greater proportion</em><em> </em><em>in</em><em> business structure</em><em> of</em><em> the international reinsurance center</em><em>.</em><em> The establishment and development of Offshore reinsurance center in India need to compete with many mature Offshore reinsurance companies in the world. Singapore is </em><em>not only </em><em>Asia</em><em>’</em><em>s largest international financial center </em><em>but also</em><em> one of Asia</em><em>’</em><em>s largest international reinsurance centers</em><em>. </em><em>Its Offshore reinsurance market is more mature</em><em>. </em><em>In the past 10 years</em><em>, it</em><em> </em><em>has </em><em>maintain</em><em>ed</em><em> a steady growth trend</em><em>, </em><em>which</em><em> can</em><em> 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, </em><em>analyzes the </em><em>development </em><em>of </em><em>Singapore</em><em>’s </em><em>Offshore reinsurance market</em><em> and the development of the domestic insurance industry in India</em><em>,</em><em> </em><em>combi</em><em>nes</em><em> with the analysis of the advantages and disadvantages of Mumbai, Kandla Port and other places,</em><em> and </em><em>puts forward suggestions for the development of Offshore reinsurance business in India.</em><em></em></p>
Highlights
Since the 1970s, the Offshore financial market has developed rapidly
Offshore reinsurance business accounts for greater proportion in business structure of the international reinsurance center
In the past 10 years, it has maintained a steady growth trend, which can provide a reference for the development of Offshore reinsurance business in India
Summary
Since the 1970s, the Offshore financial market has developed rapidly. the more developed countries and regions have established Offshore financial centers. There are many world-renowned harbors in India, such as Kandla, Mumbai, Chennai, and JNPT These port cities offer a unique condition for the establishment of international Offshore financial center. Since there are many international shipping centers in India, the demand for original insurance and reinsurance related to shipping is huge This provides the conditions for the development of Offshore reinsurance business. The international financial business of Singapore has promoted the development of Offshore reinsurance market. Singapore’s tax policy is exempt from sales tax, which is 17% It offers greater discounts for Offshore insurance and Offshore reinsurance businesses. The premium income growth of Singapore’s Offshore insurance industry and the Offshore reinsurance industry is among the highest in the world. Table 1. 2011-2015 Offshore Insurance and Offshore Reinsurance Premium Income and Growth
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