Progress on cross-border insurance services in the Greater Bay Area

Observations on the Progress of Cross-Border Insurance Services in the Greater Bay Area

The Greater Bay Area continues to deepen financial connectivity, with cross-border insurance services steadily expanding under policy guidance. Multiple regions are piloting an "equivalent recognition" regulatory model to streamline cross-border underwriting and claims for specific products like auto insurance, aiming to reduce institutional costs for residents traveling and living across borders.

This service primarily focuses on meeting the high-frequency cross-border needs of Bay Area residents by optimizing underwriting processes, establishing fast claims channels, and enhancing data-sharing mechanisms to improve response efficiency. However, differences in legal applicability across jurisdictions and data security compliance remain key challenges for the industry to address.

• Promote cross-border mutual recognition and streamlined underwriting for high-frequency insurance products such as auto insurance.
• Establish a data interaction standard system compliant with regulatory requirements in all three regions.
• Explore establishing a collaborative mechanism for diversified resolution of cross-border insurance disputes