The First Dedicated Shipping Insurance Company in China Open for Business

On December 29,East China Sea Shipping Insurance Co., Ltd. (hereinafter referred to as the"East China Sea Insurance") held its opening ceremony in Ningbo,Zhejiang, marking the establishment of the first dedicated shipping insuranceinstitution in China.

In order toenhance the professional service level and international competitiveness of theshipping insurance, under the advocacy of the Ningbo municipal government, ajoint registration application of East China Sea Insurance was submitted to ChinaInsurance Regulatory Commission in 2012 by China People's Property InsuranceCo., Ltd., Ningbo Zhoushan Port Group Co., Ltd., Shanghai International Port(Group) Co., Ltd. and Ningbo Development Investment Group Co., Ltd.. The applicationwas approved in March 2015.

It is introduced that the East China Sea Shipping Insurance willhighlight shipping insurance business to provide new shipping and port riskmanagement services, actively promote shipping insurance products and businessmodel innovation, adhere to the sustainable development of specialization,internationalization and service orientation. Based on traditional ship,freight insurance, it will develop a package of shipping, ports, logistics andother high value-added insurance products, integrate logistics and supply chaininsurance and build a strong shipping financial services brand.