Two shipping insurance centres were established in Shanghai in the last week of December. The centres, for Pacific Insurance (Group) and PICC Property and Casualty, both gained regulatory approval in August 2010. They are expected to provide a full range of services catering to vessels, cargo transportation, maritime energy, port property and marine liabilities.

According to China Daily, the parent companies of both centres have their own strengths: PICC is China’s largest insurance company while Shanghai-based China Pacific Insurance has good relations with local clients, said Wang Huiping, an analyst from Huarong Securities.

Shanghai government has a stated ambition for the city to become an international financial and shipping centre by 2020.