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The premium revenue for Shanghai in 2002 is expected to exceed 23 billion yuan (US$2.8 billion), a 30 percent increase over 2001, a senior insurance official said on Thursday.
Zhou Yanli, director of the Shanghai Office of the China Insurance Regulatory Commission, said the premium for Shanghai for the first nine months this year was 17.7 billion yuan (US$2.1 billion), adding that the figure would hopefully reach 23 billion yuan by the end of the year.
Zhou made the forecast at the seminar "Meeting the risk challenges in the 21st century" jointly sponsored by the Shanghai office and by the Britain-based insurer Lloyd's of London.
One of the first cities to open its insurance market to foreign participation, Shanghai now has 35 insurance companies, 13 insurance brokers and 41 representative offices of foreign insurance institutions.
The premium revenue for 2001 for Shanghai was 18 billion yuan (US$2.2 billion).
(Xinhua News Agency October 25, 2002)
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