May 27, 2010 Beijing – Insurance innovation is critical to supporting the green economy, according to Marsh, the world’s leading insurance broker and risk advisor 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’ 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 Revitalization. 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.

Contact:

Valen Lin
Marsh China
+8610 6533 4008
valen.lin@marsh.com

Marsh in China
Marsh has maintained a presence in China for almost 30 years and is the first international broker who entered the China market. Marsh (Beijing) Insurance Brokers Co Ltd is the first wholly-owned foreign enterprise to be awarded an insurance broking license in China, and is headquartered in Beijing with branch offices in Shanghai, Guangzhou, Chengdu, Shijiazhuang and Dalian.

Marsh is committed to delivering innovative risk management and insurance solutions to businesses in the world’s most dynamic market. In China, Marsh has more than 180 professionals servicing over 1000 clients, including local and foreign companies, providing a full-scope of services including insurance and reinsurance brokerage, risk consulting, employee benefits and claims management.

About Marsh
Marsh has over 23,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with approximately 52,000 employees and annual revenue exceeding $10 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk consulting firm; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. MMC's stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC's Web Site is www.mmc.com. Marsh’s Web site is www.marsh.com.