Representatives of the Ningbo municipal government and Wuhan University sign an agreement to jointly develop the Wuhan University-Ningbo National Insurance Development Research Institute in Ningbo on Nov 19. [Photo/zj.zjol.com]

An insurance research institute co-established by the Ningbo municipal government and Wuhan University in Wuhan, capital of Hubei province, was launched in Ningbo on Nov 19. 

The Wuhan University-Ningbo National Insurance Development Research Institute is the nation's first insurance research institute that has come into being out of the cooperation between the government and a university. 

Ningbo has long been known as a hub for China’s insurance industry. It is also a pilot area for the nation's insurance reform and currently the only comprehensive experimental zone in China for insurance innovation. 

Wuhan University, one of the most renowned universities in China and one of the nation's first universities that offered insurance undergraduate programs, boasts a long history and abundant academic achievements in insurance. 

The establishment of the institute marks a milestone in the nation's government-university cooperation in developing insurance and nurturing insurance professionals, and is expected to build a leading think-tank of insurance talents in China, as well as a platform for insurance academic exchanges in Ningbo. 

"The institute will focus on promoting the innovative insurance practices of Ningbo in China, and in turn provide a theory basis for its insurance innovation," said Tian Ling, head of the insurance and actuarial science department of the university. 

Representatives of the Ningbo municipal government and Wuhan University jointly launch the Wuhan University-Ningbo National Insurance Development Research Institute in Ningbo on Nov 19. [Photo/zj.zjol.com]