PICC named 2008 Olympic partner
(Xinhua)
Updated: 2005-09-15 16:07

PICC Property and Casualty Co. Ltd. was named the official insurance partner of the Beijing 2008 Olympic Games on Thursday.

The largest non-life insurer in China, PICC P&C was the 10th company to join the elite club of the 2008 Olympic partners, following in the footsteps of Germany's automobile giant Volkswagen, Sinopec, PetroChina and Bank of China.

"Based on our market research of the industries that potential sponsors come from, PICC P&C is possibly the last partner signed by the organizing committee," said Yuan Bin, marketing director of the Beijing Organizing Committee for the 2008 Olympic Games (BOCOG).

With less than three years remaining before the 2008 Olympics opens, it is also for the sake of the partners to give them as more time as possible to promote their brands, said Yuan.

"But there could be exceptions, because maybe some enterprises care about the period just before the Games or the 16 days during the Games period," she said.

According to the deal, PICC P&C will provide insurance protection and financial support for the 2008 Olympics and Paralympics, BOCOG, the Chinese Olympic Committee and the Chinese sports delegations to the Turin 2006 Winter Olympics and 2008 Olympics.

"Insurance, as a means of economic compensation, has always played an important role in ensuring the safe operation of an Olympic Games," said Wang Wei, BOCOG Executive Vice-President and Secretary General, at the signing ceremony.

"With the participation of PICC P&C, the Beijing 2008 Olympics will be safer and more insured," he added.

The Marketing Plan of the 2008 Olympic Games includes partnership, sponsorship, suppliership and licensing programs. Partnership, sponsorship and suppliership grant enterprises four-year exclusive marketing and promotion rights, while the licensing program authorize companies to produce and sell products with the official Olympic logo only after paying royalities to BOCOG.

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