A big celebration was held to mark the first anniversary of Chinese firm Tai Ping Life in the municipality.

"Tai Ping Life has achieved the annual goal of 1.138 billion yuan (US$140 million) in premiums with 50 days to spare, and is expected to gain 1.6 billion (US$200 million) by the end of this year," said He Zhiguang, general manager of the company.

"We hope to reap 150 to 200 billion yuan (US$18 to 25 billion) in premiums within ten years, more than 100 times that of the first year. Such miracles happen everyday in Shanghai, China's leading economic, trade and financial center."

He said the World Expo would not only bring life insurance opportunities of 50 million to 70 million tourists in 2010 alone, but also infrastructure construction in the next eight years. The conference industry would, too, enjoy huge benefits which would pass through to the insurance industry.

Hundreds of experts agreed that the successful bid for the World Expo would make the insurance industry's future brighter.

"In the past year, spectacular and tremendous changes have been taking in China's insurance industry, such as the new insurance law and increased competition with China's entry into World Trade Organization. Plus Shanghai's successful bid for the World Expo, I believe, it will be turned into one of the most prosperous insurance markets in Asia and even the world at large," said Yang Chao, chairman and president of China Insurance Company Limited.

(Xinhua News Agency December 7, 2002)