Munich Re Chairman: China to be the world's biggest insurance market

Joachim Wenning, chair of the board of management of Munich Re, said he appreciates China's pursuit of high-quality development, which was stressed by China's leadership as the top priority facing the economy.

Wenning said high-quality development is a "very meaningful ambition", which, if it succeeds, would bring the sophistication levels and the core functionality of China's insurance sector to one of the world's best in the coming 10 or 20 years.

Munich Re therefore remains committed to carrying on investing in China and offering capacity to the Chinese market, which over time is projected to be the world's largest insurance market, Wenning said in an exclusive interview with China Daily.

Having established a branch company here 20 years ago, Wenning said the global reinsurer may see the weight of its Chinese business increase over time, as its footprint in China may hopefully outgrow other markets.

The tone-setting Central Economic Work Conference has called for efforts to focus on economic development as the central task and high-quality development as the primary mission, gradually turning the magnificent blueprint of Chinese modernization into reality.