Insurance for Chinese overseas investments up 20%

Insurance for Chinese overseas investments up 20% | Insurance Business

Insurance for Chinese overseas investments up 20%

China Export & Credit Insurance Corporation (Sinosure), reported business growth of almost 20%, accompanying the country's overseas investment push throughout 2018.

Sinosure provided insurance for overseas investments worth US$58.13 billion in 2018, up 18.9% year on year, Xinhua reported. The state-owned company is China’s sole policy-oriented insurer specialising in export credit insurance.

It served an assortment of projects, such as energy, mining, and transport infrastructure, in 84 countries and regions worldwide. Many of these are part of the Belt and Road Initiative, which is Beijing’s policy to expand its global trade and influence through economic undertakings across Asia and Europe. The initiative includes not only infrastructure and industrial projects, but also financial transactions with insurers, banks, and other companies.

Chinese outbound investments grew 4.2% in 2018, reaching US$129.83 billion, according to government data. Overseas contract projects reported revenues of US$169.04 billion dollars and addition of around 842,000 local jobs.