Munich Re has opened a new Research and Development Centre based in Shanghai as it looks to expand further with clients in the Chinese market.

The reinsurer says the centre “will help bridge the supply and demand gaps” that currently exist with the local market and will strengthen its network with neighbouring regions.

The facility will be dedicated to analysing technology developments, such as new energy vehicles, green buildings and new agriculture, and their insurance implications.

Munich Re Greater China CEO Steven Chang says the centre “demonstrates the long-term commitment of Munich Re to China” and facilitates its plans to work with local insurers to tap into “China’s growth opportunities”.

The project is headed by Munich Re subsidiary SiTao Smart Thinking Consulting, led by Munich Re Head of Innovation China and SiTao MD Zijia Li.