w88 casino News (provided by the w88 casino of Insurance)On the afternoon of December 12, Mr. Wang He, President of the China Actuaries Association, gave a special lecture titled "China's Thinking and Practice of Inclusive Insurance" for teachers and students of the w88 casino of Insurance.

President Wang He first traced the connotation of "Pulling all living beings and benefiting the world" back to the Chinese cultural origin of Pratt & Whitney. He pointed out that inclusive finance is not only an inherent requirement for my country to achieve common prosperity, but also the basic resources and institutional guarantee for Chinese-style modernization.

President Wang believes that the “law of large numbers” and the mutual aid function determine that the insurance system has an inherent universal gene. The insurance industry should reflect humanity and humanistic care based on mutual assistance, be more warm, and embody fairness and justice at a higher level. With the continuous development of my country's insurance industry, the inclusive model of the insurance system should transform from equal risk management of value transfer to risk reduction management based on value creation, and this requires us to rationally design the insurance mechanism and mobilize the enthusiasm of all parties.

In the context of today's information technology deeply penetrating all walks of life and the rapid development of computing science, our awareness of risks has been greatly improved, and we have better solutions to the problem of information asymmetry. These have provided favorable external opportunities for the development of inclusive insurance. The insurance industry should also rely on the power of technology to gain a deeper insight into the development space and opportunities of inclusive insurance from a higher position and a broader perspective.

On May 29, 2024, the State Administration of Financial Supervision issued the "Guiding Opinions on Promoting the High-Quality Development of Inclusive Insurance". Chairman Wang believes that this document points out the direction for the development of inclusive insurance in our country. To achieve high-quality development of inclusive insurance, we should abandon the mentality of overly focusing on the short-term commercial interests of the industry, base on the trend of national economic and social development, reduce risks through technological empowerment, comprehensively reduce the cost of social risk exposure, and help create a new social governance pattern of "co-construction, co-governance, and sharing". Furthermore, he also reviewed the current practical application of inclusive insurance in China, analyzed possible future innovation areas of inclusive insurance, and discussed the roles that local governments and regulatory authorities should play.

Wang He, Ph.D. in economics, expert on special government allowances from the State Council, president of the Chinese Actuaries Association, honorary member of the Chartered Institute of Insurance, member of the Fourth Expert Committee of the National Disaster Reduction Committee, expert of the National Big Data Development Expert Advisory Committee, expert of the former China Insurance Regulatory Commission Major Decision-Making Expert Advisory Committee, distinguished professor, researcher, and doctoral supervisor at more than 20 universities including Peking University, Tsinghua University, Renmin University of China, Beijing Normal University, Nankai University, and Wuhan University.