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Ten-Billion-Yuan Insurance Contract Signed for Three Gorges Project
Three domestic insurers Thursday inked a ten-billion-yuan insurance contract in Beijing with the China Yangtze Three Gorges Project Development Corp for the country's largest power plant.
The three companies will jointly underwrite the construction insurance for the installation of 14 hydropower generating units on the Three Gorges' left bank and the insurance for the transportation of transformers and gas insulated systems, according to Friday's China Daily.
The People's Insurance Company of China (PICC), the country's largest property insurer, will take 50 percent of the policy while China Pacific Insurance Company handles 30 percent and the China Ping An Insurance Company the remaining 20 percent.
Chinese insurance companies have been involved in the project ever since the start of the construction. Not counting the latest deal, PICC holds 17 billion yuan worth of insurance contracts connected with the project, accounting for 70 percent of the total.
The construction of the 203.9 billion yuan Three Gorges project started in 1993. The State is planning to invest 13.1 billion yuan in the project this year.
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