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Insurers eyeing shipping insurance in Shanghai

(chinadaily.com.cn)
Updated: 2010-08-31 16:52

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Great business opportunities created by Shanghai turning itself into an international shipping hub are drawing rising attention of insurers at home and abroad.

They are eyeing related supplementary shipping insurance projects. The People's Insurance Company (Group) of China Ltd (PICC), China Pacific Insurance (Group) Co Ltd (CPIC), Zurich Financial Services and Chartis Insurance Co are the most interested.

On August 9, CPIC and PICC each gained approval from the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, to establish a shipping insurance operation center in the city. They have six months to prepare.

Zurich Financial Services recently set up an international shipping and financial R&D center with the Pudong New Area of Shanghai to research new technology, development and trends emerging in international shipping.

Chartis rolled out innovative insurance products like port & dock comprehensive insurance and logistics operator comprehensive liability insurance in the city.

Becoming an international shipping hub will...

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