Shanghai gets local insurance boost

Shanghai: China Pacific Insurance (Group) Co launched last week its shipping insurance department - the first among Chinese insurers - to ride on Shanghai's ambitions to be a global financial and shipping center by 2020, according to the Shanghai Daily.  The firm's shipping insurance department will cover financial losses from shipping risks, the country's third-biggest insurer said yesterday.  The Shanghai-based insurer took in 1.65 billion yuan (US$242 million) in premiums from the shipping industry in 2008, accounting for 15 percent of the market in the segment to rank as China's second-biggest shipping insurer.   The State Council unveiled guidelines in March to transform Shanghai into a global financial and shipping center by 2020. The merger of Lingang New City with Pudong New Area will boost the global shipping hub development, analysts said. [07/12/09]