Insurance premium income in Shanghai topped 11.52 billion yuan last year, over 10 percent more than in 1998, according to officials of the China Insurance Regulatory Commission (CIRC).

The total includes 3.4 billion yuan for property coverage, up 4.55 percent over the 1998 level, and 8.12 billion yuan for life insurance, up 15.18 percent.

Per capita premiums paid by local people reached 886 yuan in 1999, and the total insurance coverage accounted for 2.86 percent of Shanghai's GDP, the largest proportion in the nation.

Shanghai is now home to 16 insurance companies, nine of which are backed by overseas investors, and the establishment of new projects, including two insurance companies, one re-insurance company, and one insurance brokerage, are currently underway in the city.

After joining the WTO, China will open its insurance market wider to overseas firms.

In order to improve the administration of the insurance industry in Shanghai, the CIRC soon will establish its first nationwide insurance regulatory office in Shanghai.