Shanghai to build up insurance hub quickly
Print Edition
SHANGHAI will accelerate building the city into a global insurance hub as part of its broader goal to become an international financial center by 2020, Shanghai Daily learned at a forum yesterday.
“Shanghai is aiming to encourage innovative insurance products and take advantage of Internet technology to enhance the city as a global insurance hub,” said Shu Gaoyang, deputy commissioner of the China Insurance Regulatory Commission Shanghai Bureau.
The insurance hub goal was officially unveiled last November following guidelines by the State Council, or China’s Cabinet, last September to accelerate modern insurance services. In addition the government offered preferential tax policy for health insurance products and also gave permission to set up an insurance investment fund.
Julian Spence, chief operating officer of Transatlantic Reinsurance Co, told the 2015 Shanghai International Reinsurance Forum that Shanghai still needs to do more to make the city more attractive for professionals and international insurers, for example, by being competitive on corporate tax rates.
Gross insurance premium income in the country surged 24.2 percent to 1.04 trillion yuan year on year from January to July this year, quicker than a 19 percent rise in the first half, the CIRC said in a report.
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