On December 5, 2016, following review by the CIRC, COSCO Shipping Property Insurance Captive Co., Ltd. (in preparation) was approved for establishment, marking that China's first shipping captive insurer has officially entered the pre-opening preparation stage.

        After COSCO Shipping Group was formally established, it put forward a "6+1" industrial cluster strategic plan and designated shipping finance as one of the group's pillar industries. Once established, COSCO Shipping Property Insurance Captive Co., Ltd. (in preparation) will serve as the group's internal insurance institution, undertaking internal operational risk control and insurance underwriting functions for the group and its member units in response to their insurance needs—of practical significance for lowering the group's risk control costs and innovating risk response measures. At the same time, as a wholly state-owned insurance institution under COSCO Shipping Group, the captive (in preparation) will also assume special risk control functions for the group's overseas strategy, which is of great significance for the group's diversified operations, the acceleration of its globalization strategy, and the development of China's shipping finance industry.

Source: China COSCO Shipping Corporation Limited