 |
 |
|
As an important part in the shipping services platform, the main function of marine insurance broker is to arrange the best marine insurance intermediary services to ocean-going vessels of various sizes. The Company’s wholly-owned subsidiary, COSCO (Hong Kong) Insurance Brokers Limited (“HK COSCO Insurance Brokers”) is also one of the few insurance brokerage companies in Hong Kong that has obtained Lloyd’s broker accreditation. HK COSCO Insurance Brokers mainly operates intermediary businesses in relation to marine insurance and shipowners’ liabilities insurance, which include hull and machinery insurance, increased value insurance, insurance against war risks, shipowners’ and charterers’ liabilities insurance, freight, demurrage and defence insurance, loss of hire insurance and etc. In addition, Shenzhen COSCO Insurance Brokers Limited, a non wholly-owned subsidiary of the company, is also engaged in the provision of insurance brokerage services in China Mainland.
In 2007, the turnover contributed by the marine insurance brokerage service of HK COSCO Insurance Brokers and SZ COSCO Insurance Brokers increased by 24% as compared with that of 2006.
International insurance companies have been establishing their brokerage businesses in China Mainland as the market has gradually opened up to foreign competitors. Certain of these new players entered marine insurance markets. Facing the growing keen competition, HK COSCO Insurance Brokers and SZ COSCO Insurance Brokers will actively develop hull mutual insurance for registered vessels in China Mainland. In addition to providing existing insurance brokerage services, HK COSCO Insurance Brokers and SZ COSCO Insurance Brokers also explore the provision of new brokerage services to COSCO Group members to enhance their competitiveness and put more efforts into cultivating businesses among prospective local shipping companies.
|
|
 |
|
|
