Strengthened insurance network in China

Shanghai: The Chinese insurance market has been boosted with the set up, this week, of two shipping insurance centers. The centres, for Pacific Insurance (Group) Co Ltd and PICC Property and Casualty Co Ltd, had both gained regulatory approval in the second half of this year. The centres are expected to provide a full array of services catering to vessels themselves, cargo transportation, maritime energy, port property and marine liabilities.

According to China Daily, the parent companies of both centres have their own strengths. PICC is China's largest insurance company and Shanghai-based China Pacific Insurance has good relations with local clients.  [31/12/10]