The Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG) signed an agreement with PICC Property and Casualty Company Limited (PICC) yesterday, making PICC the official insurance partner for the 2008 Games.
PICC, the largest public non-life insurance company currently operating on the Chinese mainland, will provide insurance protection and financial support for the Beijing Olympic Games, the Beijing Paralympic Games, BOCOG, the Chinese Olympic Committee and the Chinese sports delegations to the 2006 Turin Winter Olympic Games.
"We have taken up an important task to inherit and carry forward the Olympic spirit in our company, and also a historical responsibility entrusted to us by China's insurance industry," said Tang Yunxiang, PICC's board chairman.
"PICC will assist BOCOG in running a high-level Olympic Games by giving full play to its advantages in brands, marketing, talent, products, technology, networks, customers and services."
After the agreement was signed, PICC underwrote its first batch of insurance policies for the 2008 Games volunteers.
The personal accidental and medical policies cover the 36 people who are working as pre-Games volunteers for the BOCOG.
"The policy is specially designed for the volunteers according to their posts and work time," said Yin Yanhui, office director of PICC. "We are here to ensure they serve the Games under safe conditions."
PICC is the 10th, and possibly last, company to join the band of Games partners.
"It is possible that PICC is the final addition, according to our marketing surveys," said Yuan Bin, director of BOCOG's Marketing Department. "However, with the Olympics approaching fast, more companies will be interested in joining our partner program."
The Beijing 2008 Supplier Program is expected to be launched in the fourth quarter of this year.
The other Games partners are: Bank of China, China Netcom, Sinopec, PetroChina, China Mobile, Volkswagen Group (China), Adidas, Air China and Johnson & Johnson. The four sponsors are Haier Group, UPS, Tsingtao Beer and Yanjing Beer.
In related news, Beijing Capital International Airport obtained funding worth 500 million euro (US$625 million) from the European Investment Bank for expansion works. The agreement was signed on Thursday.
The expansion works are scheduled for completion before 2007.
(China Daily and Xinhua News Agency September 16, 2005)