China targets blockchain insurance standards, consortium

The Shanghai Insurance Exchange (SHI) hosted an event on December 27 to launch work on “Industrial Blockchain Application Technology Standards”. The initiative is under the guidance of the China Banking and Insurance Regulatory Commission (CBIRC). SHI is China’s answer to the Lloyd’s market, launched and managed by the CBIRC in 2016. It has 91 shareholders.

Standards

The standards work has support from 109 organizations, including the People’s Insurance Company of China (PICC), China Life, China Taiping, China Re, China Pacific (CPIC), and Taikang Insurance. A similar initiative under the auspices of insurance standards body ACORD was launched in the West in 2018. The ACORD’s Blockchain Standards Project Group is co-chaired by the two major insurance consortia RiskStream and B3i, which in turn represent numerous insurers.

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