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China's Jiangxi Province Signs Export Credit Insurance Policy

Posted on: Tue, 17 Nov 2009 11:01:00 EST

Symbols: BACHF

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JIANGXI, China, Nov 17, 2009 (A. M. Best via COMTEX) --
BACHF | Quote | Chart | News | PowerRating -- China Export and Credit Insurance Corp. (Sinosure) [77801] has signed a US $149 million export buyer credit insurance contract with the Jiangxi branch of Bank of China and a Jiangxi-based technology company, marking the first time Sinosure is providing mid- to long-term export credit insurance for ship export projects, according to the insurance regulator.

The China Insurance Regulatory Commission said the agreement allows the first export buyer credit insurance in eastern China's Jiangxi province. It is also the start of the provincial shipping business' using national policy-based credit insurance and export credit financing to expand its international market amid the financial crisis.

At the end of September, Jiangxi recorded cumulative original premium income of 14.83 billion yuan (US$2.18 billion). Of that, life insurance accounted for 10.26 billion yuan; property insurance 3.57 billion yuan; health insurance 642 million yuan; and accident insurance nearly 370 million yuan, said the CIRC.

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)

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