Beijing, 28 May 2010 – Insurance innovation is critical to supporting the green economy, according to Marsh, the world’s leading insurance broker and risk adviser and key participant in the 13th China Beijing International High-tech Expo (CHITECH) held 27 and 28 May.

Paul Wilkins, Managing Director, Chairman and CEO of Marsh Greater China, delivered a speech at the Expo, explaining how insurance innovation supports the green economy.

“Economic, technological, regulatory, supply chain, and construction factors can all present risks in corporate growth. However, a good insurance broker can provide innovative risk management and insurance solutions to help companies to turn risk into opportunity and competitive advantage,” said Mr Wilkins.

Mr Wilkins’s session was on ‘Green Finance and Low Carbon Economy: Development and Innovation of Banking & Insurance Industry’. He joined with other senior leaders from the financial industry to discuss innovation issues to support the green economy in China.

China’s renewable industries have seen rapid development in recent years with total wind and hydro power installed capacity ranked among the top countries in the world.   During COP15 last year, China announced its commitment to reduce its carbon emissions 40%-45% by 2020, and boost the use of non-fossil fuels to 15% of the country's total primary energy consumption. “As China strives to reach these goals, there will be grand endeavours and opportunities, as well as significant potential risks,” Mr. Wilkins continued. 

Mr Wilkins shared some case studies on Marsh’s innovative solutions for the green economy, such as carbon sequestration, carbon delivery guarantee, solar module performance guarantee, and an insurance solution for solar farm operation.

 CHITEC is cosponsored by the Ministry of Science and Technology of the People’s Republic of China, the Ministry of Commerce, Ministry of Education, Ministry of Information Industry of P.R.C, China Council for the Promotion of International Trade (CCPIT), State Intellectual Property Office of P.R.C and Beijing Municipal Government with the approval of the State Council. The theme of this year’s China Finance Summit is Financial Reconstruction and Economic Revitalisation. Leaders from NDRC, SASAC, CBRC, SCRC, CIRC, People’s Bank of China, World Bank, IMF, Asian Development Bank will meet and deliver speeches at this summit.

Other topics included the Impact of Stock Index Futures, Financing and Securities Loan Trading on the Capital Markets, Corporation Financing and Listing and Financial Ecology Environment Construction.