Shipping hub boosts premiums
By Zhang Fengming |
November 13, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S shipping and cargo insurance business has grown far ahead of the national average as the city taps its potential as a shipping hub, the local insurance regulator said yesterday.
The city's shipping insurance premiums grew 28.9 percent in the first three quarters of this year, 7 percentage points above the national average, while cargo insurance premiums jumped 33.9 percent in the same period, up 6 percentage points over the industry average, the Shanghai Bureau of the China Insurance Regulatory Commission said yesterday.
Big insurers such as People's Insurance Corp of China and China Pacific Insurance (Group) Co have already set up a shipping insurance department.
The momentum in the life insurance market helped Shanghai's insurance sector to outpace the national market.
Shanghai's insurance market grew 35.7 percent to 67.9 billion yuan (US$10.2 billion) in the first three quarters, up 3.7 percentage points over the market average. Life insurance premiums rose 38.3 percent to 52.6 billion yuan.
The local insurance regulator in December joined with an insurance association to launch a platform that collates auto accident insurance payment data to minimize fraudulent claims.
The city's shipping insurance premiums grew 28.9 percent in the first three quarters of this year, 7 percentage points above the national average, while cargo insurance premiums jumped 33.9 percent in the same period, up 6 percentage points over the industry average, the Shanghai Bureau of the China Insurance Regulatory Commission said yesterday.
Big insurers such as People's Insurance Corp of China and China Pacific Insurance (Group) Co have already set up a shipping insurance department.
The momentum in the life insurance market helped Shanghai's insurance sector to outpace the national market.
Shanghai's insurance market grew 35.7 percent to 67.9 billion yuan (US$10.2 billion) in the first three quarters, up 3.7 percentage points over the market average. Life insurance premiums rose 38.3 percent to 52.6 billion yuan.
The local insurance regulator in December joined with an insurance association to launch a platform that collates auto accident insurance payment data to minimize fraudulent claims.
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