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Shanghai targets insurance fees
Print Edition
SHANGHAI aims to more than double insurance premiums by 2020 and become an international insurance center by easing cross-border financial controls in the free trade zone.
The premium income per capita is predicted to rise to 7,300 yuan (US$1,189) a year by 2020, up from last year’s level of below 3,500 yuan, officials from Shanghai Financial Services Office and the local branch of the China Insurance Regulatory Commission said yesterday at a briefing.
The city’s target is also more than double the national goal of 3,500 yuan by then.
Shanghai’s total premium income may account for 6 percent of its gross domestic product by 2020, up 2.2 percentage points from last year, according to the official plan to boost the city’s insurance industry.
It has picked re-insurance, maritime insurance, and insurance asset management to develop in the next six years.
Shanghai will quicken building the world’s first insurance exchange, unveil a registration system for maritime insurance products, and encourage cross-border investment and fundraising for insurance assets by taking advantage of financial reforms in the FTZ, said Pei Guang, head of CIRC’s Shanghai branch.
Maritime insurance premium income in Shanghai has already accounted for 46 percent of the national total in China by the end of October, and the assets managed by insurance asset management companies in the city made up 42 percent of the national total, Pei said.
Shanghai may be among the first batch of cities to pilot income tax-deferred commercial pension products next year, which could boost insurance spending with tax incentives, the regulator said.
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