PICC Property and Casualty Company Limited Shanghai Branch (PICC P&C Shanghai) is a provincial subsidiary of PICC P&C in Shanghai. The Company’s vision is to be an insurance company that satisfies its customers. Its development goal is “to ensure a high-quality life”.
PICC P&C Shanghai has a wide range of businesses, including car insurance, liability insurance, cargo insurance, accident and health insurance, and credit insurance.
With the progress of the important strategies of the Belt and Road Initiative and the Going Out policy, PICC P&C Shanghai is devoted to providing all-around insurance services for Chinese clients venturing overseas, helping them to analyze the risks they may confront at different stages of going out, designing a complete set of insurance plans, and issuing polices according to the local laws and rules of the host country to effectively avoid risks. In recent years, the company has participated in the underwriting of a series of projects, such as property insurance for Shuanghui Group’s asset acquisition in America, engineering insurance for China National Petroleum Corporation’s Yamal LNG project in Russia, and engineering insurance for SINOHYDRO’s Padma canal project in Bangladesh.
In addition, PICC P&C Shanghai also undertakes claim services. During a company's acquisition of an American asset, a huge fire broke out at the insured’s factory in Illinois, America. The disaster caused severe damage to property like equipment and inventory and resulted in business interruption. PICC P&C Shanghai investigated the situation, and paid timely compensation amounting to over 20 million RMB. PICC P&C Shanghai’s fulfillment of compensation liability within a short time avoided severe losses for the client.
In November 2018, under the support of the Minister of Culture and Tourism of the People’s Republic of China, PICC P&C Shanghai’s project “Support Platform for Financial Insurance of the Culture Industry” was approved by the Chinese Ministry of Finance, officially acquiring the national major project funding, special funding to support culture industry development, amounting to 4 million RMB. PICC P&C Shanghai becomes the first insurance company to have obtained the special funding in China.
In the future, PICC P&C Shanghai will focus on upgrading people’s property insurance to provide more professional insurance that matches international standards for Chinese clients venturing overseas. In response to China’s Going Out policy, PICC P&C Shanghai will pave the way for Chinese companies going global.