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PICC Property & Casualty Co. (SEHK: 2328), the insurance partner and chief insurer of the Expo, covers a 60 percent share in the union. The Hong Kong-listed insurer is the largest property insurer in China, which currently has an over 43 percent market share.
Insurance services for an Expo shall consist of mandatory insurance, stipulated insurance and commercial insurance, as required by the Bureau of International Expositions.
Combined insured amount for the World Expo 2010 Shanghai would probably hit CNY 5 billion.
The State Council, the nation's cabinet, approved of the stipulated insurance plan on April 16, 2007, and the Expo insurance working team in July called for applications for the stipulated insurance, namely property insurance, construction & installation insurance and exhibits & artworks insurance. Twenty-five insurers submitted applications and 12 ones were selected at last.
Shanghai 2010 World Expo National Organizing Committee has set primary standard premium rates. The rate on construction and installation insurance is 0.283 percent; the premium rate on insurance of construction and structure is CNY 13.8 per square meter and that on insurance for facilities, internal decoration and subsidiary facilities, commodities, daily necessaries and other properties is 0.39 percent; that for exhibits and artworks insurance is minimum 0.2 percent/30 days; that on machinery breakdown insurance is minimum 0.1 percent/30 days.
These are generally higher than the domestic standards, although they are about 20 percent lower than those at the World Expo 2005 Aichi.
Wu Yunfei, deputy head of Bureau of Shanghai World Expo Coordination, said at present insurance companies wage price war, which will definitely harm the healthy growth of insurance industry. The insurance union can enable every player to show its merit as well as help boost sound development of the industry.
In addition, 12 commercial insurance products from eight insurers including PICC Property & Casualty, China Pacific Insurance Group, Ping An Insurance (Group) Co., China Life Property Insurance Co., Tokio Marine & Nichido Fire Insurance Co., Samsung Fire and Marine Insurance Co. and Huatai Insurance Co. have been initially selected.
The World Expo Shanghai 2010 will be held from May 1 to October 31, 2010, which is expected to meet 70 million visitors from home and abroad and 200 official participants, according to the Expo's official website.
(USD 1 = CNY 6.83)
From www.cnstock.com, Page 1, Tuesday, October 21, 2008 info@SinoCast.com
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