The Shanghai Insurance Regulatory Commission is working to set up a shipping insurance association, which will provide greater policy support to the city’s shipping insurers and enhance their interaction with large shipping companies, reported Asia Insurance Review citing an industry official.
China’s three shipping insurers, PICC Co. Ltd., China Pacific Insurance Co. Ltd. and Ping An Insurance Co. Ltd., who own more than 50% of the city’s shipping insurance market, will lead the association.
In January, two insurers, Sunshine Insurance Group Corp. and Yong An Insurance Co. Ltd. secured licenses to set up shipping insurance businesses in Shanghai.
Statistics from the SIRC show that Shanghai shipping insurers’ total revenue rose 8.88% year-on-year to 2.21 billion yuan ($354.70 million) during January to November 2012, accounting for 41.39% of China’s shipping insurance market.
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