Shanghai launches insurance exchange to boost hub ambition
Print Edition
SHANGHAI officially launched the long-awaited insurance exchange yesterday at the Lujiazui Forum, as part of efforts to build the city into an international insurance center.
With an initial registered capital of 2.24 billion yuan (US$341 million) contributed by 91 companies, the exchange will facilitate trading of insurance products and insurance derivatives. It will focus on international reinsurance, shipping insurance, bidding for mega insurance deals and special risk insurance.
First mooted in 2010, the insurance exchange, the first of its kind in China, adds to current exchanges that trade stocks, bonds, commodities and currencies in Shanghai.
“The new bourse will further diversify the functions of Shanghai financial markets while gathering international insurers and reinsurers in the city and boost Shanghai’s voice in the global insurance industry,” Shanghai Executive Vice Mayor Tu Guangshao said at the launch ceremony.
The exchange will help local businesses align with global insurance practices and channel risks outside the insurance market.
“It’s an important step to promote the upgrading of China’s insurance industry,” said Chen Wenhui, vice chairman of the China Insurance Regulatory Commission.
“The new exchange should play an active role in increasing supply of insurance products to meet increasingly diversified market demand and boost the coverage of insurance services.”
The exchange is set to collaborate with China’s 300 billion yuan national insurance investment fund to develop infrastructure in the country, and meet Shanghai’s goal of becoming an international insurance center by 2020.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
