On June 6, 2013, “the Suzhou Intellectual Protection Insurance Signing Ceremony & Forum” was held at the Suzhou International Conference Center. Forum participants included well-known insurance companies from PRC, Hong Kong, and Taiwan such as PICC Property and Casualty Co, Sunshine Property and Casualty Insurance, Bestfi Insurance Brokers Ltd, Evertrust International Insurance Brokers Co., and Cathay Insurance. Established law firms including AllBright and King & Wood Mallesons, and about 100 high-tech companies in Suzhou, also participated in the event.

The first IP General Liability Policy in China was signed during the forum. AllBright was also designated as a “IP Insurance Legal Services Institution” thanks to its established reputation in IP protection services in China.

Suzhou is at the forefront of IP development, leading the country with 140,000 patent applications and 98,000 patents granted annually. There are more than 6,000 patent holding companies in the city. The IP General Liability Policy will help protect companies from copycats, freeing companies from such concerns and enabling them to focus on production, research and development. The accredited professional service providers will work together with IP regulators, IP insurers and companies to push ahead with IP protection initiatives in China.