UK/China government relationship can boost insurance development
THE DEVELOPING political relationship between UK prime minister David Cameron and Chinese Premier Wen Jiabao will be hugely influential in opening doors for insurers considering entering the country’s insurance sector, according to UK government business ambassador and broking stalwart, Sir David Brewer.
Brewer, whose first duty after being appointed as a business advisor to the UK coalition government, was to accompany Cameron on a trip to China told Insurance Day that the prime minister was likely to make another trip to the country later this year, and that was a good sign for those conducting business in the market.
“Political relationships are very important in China,” Brewer said. “And good relationships at a political level do help those of us who do business.
“If you go in and see an insurance company and they know that their leader talks to our leader, then therefore they think it is okay to do business with us.
“Whereas if the relationship between the UK and China was frosty there would not be any reason for things to go smoothly.”
Brewer, who is delivering the lunchtime address on the second day of this week’s Insurance Day Summit London (May 17 and 18, www.Insurancedaysummit.com/london), has enjoyed a long association with the Chinese insurance market through his career in insurance broking with Sedgwick and subsequently Marsh and via ambassadorial roles which continue today
He assisted the People’s Insurance Company of China in setting up the first-wholly owned Chinese subsidiary in the UK and is now chairman of the China-Britain Council and president of the EU-China Business Council
“The Chinese market sees London as a source of technical excellence and reinsurance advice,” he said.
”It is certainly in our interest to look upon the Chinese insurance companies and other carriers in Asia as our clients and to help them grow. There is already a tremendous amount of technical training which goes on between the brokers and Lloyd’s and this needs to continue.”
Brewer’s address at the Summit will examine how companies can promote their businesses overseas and, in particular, in new markets.
