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PICC P&C Reinsured Hijacked Cargo Ship

 

Wednesday, Oct 28,2009, 11:31:42 AM   Click:

The Chinese cargo ship that was hijacked in the India Ocean belongs to Qingdao Ocean Shipping Co., a unit of China Ocean Shipping (Group) Co. (COSCO), and is underwritten by the Qingdao Branch of PICC Property and Casualty Co., Ltd. (SEHK: 2328).

The underwriting amount is about USD 40 million. In addition, the insurer reinsured the ship in the international market. The ship was launched in 2008 and is estimated at about USD 33 million. The insurances the COSCO unit bought for it include marine disaster & accident insurance, liability insurance and etc. The annual premium it paid for the ship is predicted at about CNY 220,000 and it could gain USD 33 million from the insurer provided that it bought related additional insurance and the ship could not be rescued finally.

PICC Property and Casualty seizes about 60 percent market share in the domestic shipping insurance sector and the rating leading global rating agency Moody's gives it is A1, the highest among those given to its domestic peers.

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