A History of Modern Shanghai Banking: The Rise and Decline of China's Financial Capitalism: The Rise and Decline of China's Financial Capitalism by Ji Zhaojin

Author:Ji Zhaojin [Zhaojin, Ji]
Language: eng
Format: epub
Publisher: Taylor and Francis
Published: 0101-01-01T00:00:00+00:00

The Underwriters Savings Bank for the Far East (1930)

The Underwriters Savings Bank for the Far East was a by-product of American Asiatic Underwriters, a leading insurance company created by an American businessman Cornelius Vander Starr (C.V. Starr) in Shanghai in 1919. The American Asiatic Underwriters offered fire and marine coverage in Shanghai, which lacked sufficient insurance companies. Furthermore, Starr set up the Asia Life Insurance Company to market life insurance to local Chinese people. By focusing on hiring, training, and promoting local people to management, the company quickly established a life insurance market network. According to statistical data of 1937, 75 percent of China's total insurance income, which was about 38.8 million fabi, was controlled by the company.53 With the American Asiatic Underwriters and Asia Life Insurance Company dominating about 30 percent of China's insurance business, they made enormous profits in China.

In 1926, Starr returned to the United States and registered the American International Underwriters in New York to issue insurance on American risks outside the United States. In 1927, Starr purchased the famous building at 17 the Bund to construct a "resource" center for the multifunctional American banking and insurance company. The Underwriters Savings Bank for the Far East operated its business on the first floor of the building. It was a pure savings bank with paid-in capital of 500,000 yuan in silver dollars. The American Asiatic Underwriters and Asia Life Insurance Company were all located in the same building. After the outbreak of the Sino-Japanese War, Starr moved his company headquarters to New York in 1939. This company changed its name to the American International Assurance Co. when it moved to Hong Kong in 1948.

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