China's first insurance company to cover a sometimes dangerous industry, China Coal Insurance Co Ltd, opened for business on Saturday, Xinhua News Agency reported on Sunday.

The company will offer property loss insurance, liability insurance, credit insurance, short-term health coverage and also insurance to cover personal accidents. The company's 15 shareholders include the social insurance bureau of Shanxi coal industry and State-owned coal companies.

Wang Xianzheng, chairman of the China National Coal Association, said China Coal Insurance is expected to play an important role in helping the coal industry develop safer and more sustainable business operations.