InsurTech company Zhibao Technology announced the launch of the Longevity Risk Lab (LRL) based in Shanghai during its first Longevity Risk Conference on December 8, 2024.
The LRL will be co-managed by Zhibao, the Shanghai International Reinsurance Registration and Trading Center (a division of SHIE), and the Insurance School of the University of International Business and Economics. It will focus on researching, evaluating, and developing solutions for longevity risks, providing scientific and systematic tools to help the insurance industry manage these risks.
The conference highlighted the causes and effects of longevity risk, as well as strategies for risk transfer and mitigation related to China’s retirement and pension system.
According to Bain & Company, China’s pension market is expected to grow to approximately RMB 48 trillion by 2030, including around RMB 10 trillion from the private pension and pension insurance market.
Botao Ma, CEO of Zhibao, said, “I am honored and humbled to be amongst experts and industry leaders representing the top of the private pension market.
“The private pension and pension insurance market is experiencing rapid growth and is projected to exceed $1 trillion in the coming years. This presents a significant opportunity for Zhibao to leverage our pioneering 2B2C digital embedded insurance platform and our managing general underwriter platform to reach and deliver insurance solutions to end users.
“However, the methodical and comprehensive evaluation of risks is critically important to ensure that the pension insurance market grows in a sustainable manner beneficial to all parties.
“To this end, Zhibao and our partners at the LRL look forward to contributing to the best of our abilities.
“By organising and participating in industry events and conferences such as today’s Conference, we reiterate our commitment to being in the forefront of innovation in the industry and providing some of the best and most innovative insurance solutions to our B channels and end users. I look forward to many future events in both this and other fields within the insurance market.”
