Mapfre and China Re to collaborate on insuring investments for China’s BRI infrastructure project

Spanish insurer Mapfre and reinsurer China Re have agreed to collaborate on insuring investments related to the Chinese government’s huge infrastructure plan, the Belt and Road Initiative (BRI), which launched in 2013 and was designed to connect China with the world’s major economies.

The two companies have signed a memorandum of understanding. Under the deal, Mapfre will offer insurance and reinsurance support to Chinese interests in Latin American and European countries where it has a regional presence. The Spanish insurer will also act as cedant for China Re on projects of interest to both parties.

China Re is the largest reinsurer in China and Asia, and the owner of China Continent, one of the five largest insurers in the Chinese market.

In a statement, Mapfre said it has been working with China Re for a number of years on reinsurance transactions and with roadside assistance, through their respective subsidiaries, Road China Assistance and China Continent.

The BRI is a long-term intercontinental project that includes the construction of roads, railways, ports, airports, oil and gas pipelines and power plants. It includes other projects such as educational programmes and the construction and development of special economic zones. China and 131 other countries are currently BRI members, which in total account for 30 percent of global GDP, 62 percent of the world’s population and 75 percent of known energy reserves, Mapfre said.