The Bohai Property Insurance Joint Stock Co., Ltd., the first national
property insurance company headquartered in Tianjin, started operation on
October 18.
The new property insurance company, with a registered capital of 550 million
yuan, is jointly founded by the Tianjin TEDA Investment Holding Co., Ltd., the
Jsinlien (Tianjin) Investment Trade Co., Ltd., the Northern International Trust
and Investment Joint Stock Co., Ltd., the Tianjin Bonded Zone Investment Co.,
Ltd., and the Tianjin TEDA Group Co., Ltd. and the five founders each take a 20
per cent stake.
Bohai Property Insurance will engage in all kinds of property insurance,
liability insurance, insurance of credit guarantee, short-term accident injury
insurance, short-term health insurance in Renminbi and foreign currencies and
the re-insurance of above-mentioned insurances approved by the China Insurance
Regulatory Commission.
Bohai Property Insurance plans to set up 4-5 branches in the Bohai Sea Rim
area by 2006 and open branches in other central cities of the country starting
from 2007, said Wang Jiandong, general manager of the company.
Tianjin has been devoted to strengthening the regional financial service
function over the past few years, and the operation of Bohai Property Insurance
will help the city improve its financial service system and develop the finance
industry, and even boost the forming and development of Tianjin as a northern
economic center, according to analysts.
It is learned that upon the heels of Bohai Property Insurance, Bohai Bank, a
national commercial bank headquartered in Tianjin will open business next
February, and the Bohai Industry Investment Fund will be founded in the near
future.
China's insurance industry has developed rapidly over the recent years.
The national insurance business grew 14.15 per cent year on year in the first
half of this year. Among them, the property insurance business grew 15.62 per
cent. Counting Bohai Property Insurance, China has registered 32 property
insurance companies.
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