The insurance watchdog in Shanghai is committed to driving product innovation while supervising the market, in a bid to prepare insurers for their expanded role in economic development and social progress.

By leading the development, Shanghai is spearheading innovations that can set an example for other regions to follow.

Insurance is widely seen as vital to the future development of China's economy, which will need increasingly sophisticated services.

Jiangsu Province became one of the first areas to launch public liability insurance for fire damage in August.

Industrial experts will choose one of the city's many insurers to offer the new service. The selection process is expected to begin next month.

Shanghai has also been chosen by the CIRC to trial the first classification exam for insurance salespersons, with a finished model of the test later introduced to other parts of the country.

Shanghai's insurance industry maintained a steady growth in the third quarter of this year, with its premium income amounting to 27.86 billion yuan (3.48 U.S. dollars) in the past eight months.

Foreign-invested insurers accounted for more than 18 percent of the market share in Shanghai.

Apart from increases in life and property insurance, compulsory vehicle liability insurance has also proven a hit in the industry since it was launched on July 1. Premium income from the service has now reached 194 million yuan (24.25 million dollars) against claims expenses of 563,200 yuan (70,400 dollars) from July to August.

Compulsory vehicle liability insurance was the first compulsory insurance product in China. It is designed to ensure the victims of traffic accidents receive timely medical treatment and financial compensation.

Source:佚名