China Pacific Property Insurance Co., Ltd.
China Pacific Property Insurance Co., Ltd. (CPIC Property in short) was formed in accordance with the requirement of spinning-off of property and life insurance business and on the basis of property insurance business of CPIC founded on May 13, 1991. It was held by CPIC Group, and with joint investments from Shenergy (Group) Co., Ltd, Shanghai State-owned Assets Operation Co., Ltd, Shanghai Tobacco (Group) Corp. and Yunnan Hongta (Group) Co., Ltd. The company was incorporated in November 9, 2001, headquartered in Shanghai and registered capital totaling RMB 2.688 billion.
CPIC Property engages in RMB and foreign currency-denominated property, short-term health and personal accident businesses covering various sectors including electric power, auto, machinery, chemicals, electronics, water conservancy, architectures, bridges, highways, space flight and aviation, ship building, high-tech industry and so on. The company has presence in over 170 major ports in more than 100 countries and areas in insurance survey, claim settlements and subrogation while keeping agency and business relations with a number of domestic and overseas insurers, re-insurers and related institutions. The company has built a well-established service network with about 20,000 employees and 1811 branches across 29 provinces, autonomous regions and municipalities.
The company follows the essential requirements of group management, professional operation and market-orientation, and has, under the guidance of prudent operation and profit focus, endeavored to make progress and innovation, so as to offer risk prevention services to customers. In 2007, its premium reached RMB 23.474 billion, ranking the 2nd largest in China with a market share of 11.2%, according to data published by CIRC. It has been keep its leading position in the insurance market in major operation indicators.
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