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Insurers warned of risk controls

SHANGHAI insurers should build up their talent and increase risk controls for the tough times ahead, the top local regulator said yesterday.

The Shanghai insurance industry is facing a tough period with the possibility of new financial routs in the global market which means exposure to higher risks, the Shanghai Bureau of the China Insurance Regulatory Commission said yesterday at a conference for this year's work agenda.

The threat of policy holders wanting to redeem contracts is still looming with external uncertainties remaining, the regulator said.

Ma Xueping, head of the bureau, warned heads of insurance companies in Shanghai to shore up their risk controls against the current financial crisis.

"Insurers should understand clearly that the tough times are yet to end. Those who don't have risk control measures and who make mistakes will be held responsible and will be punished," he said.

Ma told insurers to keep researching new products and services despite the tough economic environment - "stopping or going back means a dead end."

He advised insurers to adjust their client pool and develop more and different products to meet the needs of middle class clients.

Ma yesterday also urged insurers to continue building up their talent.

Ma suggested insurers should give employees more training opportunities rather than cut jobs.


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