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Shanghai aims to double premium income

(Xinhua)
Updated: 2006-08-07 09:18

Shanghai has mapped out a blueprint for its insurance industry that is aimed at doubling its aggregate premium income by 2010 compared with the 2005 figure, the local industry regulator said Sunday.

Conservative estimates call for the city's premium income to reach 53.88 billion yuan (6.74 billion U.S. dollars) by 2010, and the figure could reach 67.23 billion yuan (8.40 billion U.S. dollars) if the industry grows at a "normal pace." It is projected optimistically to hit 76.44 billion yuan (9.56 billion U.S. dollars), according to the local bureau of the China Insurance Regulatory Commission.

Sun Guodong, head of the bureau, said the biggest Chinese city will gradually set up a "liberalized and orderly" insurance market in the coming years.

He said priority will be given to develop various liability insurance products, targeting senior managers, doctors, accountants and other customers. Migrant workers would also benefit from the city's insurance programs.

Sun said work will be done to promote honesty among the industry's managers and customers.