Shanghai's reinsurance market saw a 47 percent jump to 3.9 billion yuan in 2006, accounting for 15 percent of the nation's total reinsurance income.

The CIRC Shanghai Bureau is expected to introduce several new insurance products, industry sources said.

"We have designed the World Expo insurance, which is expected to get approval from the government in May this year," said Li.

Fire liability, construction risk and travel insurance are new elements in the city's insurance trade now in a trial period.

"Insurance for construction risk represents a shift of risk from government to insurance companies," said Li.

In 2006, the insurance sector in Shanghai paid 9.1 billion yuan in compensation.

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