CHINA’S TECHNOLOGY INSURANCE PILOT SCHEME RAISES 1.6BN YUAN IN PREMIUMS FOR 2007

China’s fledgling science and technology insurance market has earned 1.59 billion yuan in premium income and 1.18 billion yuan in insurance compensation for 2007, in what has ostensibly been the market’s first year of operation. More than 1,100 tech and science companies have purchased policies in the six cities that have been included in the pilot scheme. The CIRC along with the Ministry of Science and Technology has agreed to put forward a further 1.2 million yuan this year for an extension of the pilot.