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December 4, 2009

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Focus on shipping insurance

CHINA Pacific Insurance (Group) Co yesterday launched its shipping insurance department - the first among Chinese insurers - to ride on Shanghai's ambitions to be a global financial and shipping center by 2020.

The firm's shipping insurance department will cover financial losses from shipping risks, the country's third-biggest insurer said yesterday.

The Shanghai-based insurer took in 1.65 billion yuan (US$242 million) in premiums from the shipping industry in 2008, accounting for 15 percent of the market in the segment to rank as China's second-biggest shipping insurer.

Cargo throughput at Chinese ports is set to rise 6.5 percent to 6.75 billion tons this year, the Ministry of Transport said in November. Throughput rose 6.1 percent in the first three quarters this year to 5.12 billion tons and is the world's biggest.

The State Council unveiled guidelines in March to transform Shanghai into a global financial and shipping center by 2020. The merger of Lingang New City with Pudong New Area will boost the global shipping hub development, analysts said.


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