Sichuan First Local Property Insurer Established

Jintai Property and Casualty Insurance Co., Ltd., the homegrown legal-person insurance firm incorporated in Sichuan Province, opened.

With initial registered capital of CNY 1.1 billion, the insurance firm is jointly sponsored by eight large-sized state-owned backbone enterprises and listed companies.

After the earthquake in Wenchuan, Sichuan Province in June 2008, in order to start the reconstruction, further improve disaster prevention and relief system, and lift the disaster-resisting ability of the whole society, the provincial government of Sichuan submitted an application to the China Insurance Regulatory Commission; on July 23, 2010, the insurance regulator formally agreed the establishment of the property insurer.

Jintai Chairman Deng Mingxiang showed that the firm will pay much attention to the research and development of insurance products with local characteristics and meeting local customer needs, such as small-amount agricultural insurance, small and medium enterprise (SME) credit insurance, environment liability insurance, energy-saving and emission-reduction liability insurance, high-tech industry property insurance, etc.