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Quick development

CHINA will speed up the development of re-insurance, shipping insurance and individual pensions in Shanghai to shore up the city's financial hub status, said the vice chairman of the China Insurance Regulatory Commission.

"We will quicken market development especially in the reinsurance segment by opening up reinsurance companies and insurance brokerages," said Zhou Yanli, vice chairman of the top insurance regulator.

The city is already reaching out to global insurers.

Lloyd's of London, the world's leading specialist insurer, set up its first subsidiary in Shanghai in 2007. Lloyd's, a society of members, is home to 44 managing agents and 62 syndicates.

Shipping insurance is another front as more innovation and products are expected to serve the industry and help build the city into a shipping center by 2020.

At the end of 2008, shipping premiums totaled 3.9 billion yuan (US$571 million), 2 percent of the country's total. Shipping premiums collected in Shanghai sat at about 600 million yuan.


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