SCOR will “massively” boost investments in the Chinese market to capture the country’s long-term growth prospects, said Thierry Leger, chief executive officer of SCOR SE, a global reinsurer based in Paris, France, adding that he “disagrees strongly” with the arguments that China’s economic development has peaked because there remains potential in terms of consumer spending and digital transformation.
China is expected to become the world’s second-largest market for reinsurance in the coming decade, attracting global reinsurers like SCOR to ramp up investment in the country, said Leger.
Thanks to robust economic growth potential and a still large protection gap, the Chinese market offers incredible growth potential, whose contribution to SCOR’s overall business is expected to surge to at least 10 to 15 percent in the coming 10 to 20 years, Leger said in an exclusive interview with China Daily.
“So that shows the importance (of the Chinese market) and the need for us to continue to invest in our people, expertise, tools and data in the Chinese market.”
Liu Zhihua contributed to this story.