Chinesepod - Personal insurance premiums up 16%

BIZCHINA / Center

Personal insurance premiums up 16%

(Xinhua)
Updated: 2007-07-07 14:11

China's personal insurance industry took in premiums totaling 217.8
billion yuan (29 billion U.S. dollars) from January to May, up 16 percent
on the corresponding period last year, said an official of the country's
insurance regulatory body on Friday.

The total assets of the personal insurance sector rose to 2 trillion yuan
(263 billion US dollars), accounting for 84 percent of all the assets in
the insurance sector, said Chen Wenhui, assistant to the chairman of
China Insurance Regulatory Commission (CIRC), when addressing a symposium
on life insurance management.

Related readings:
Beijing's Q1 life insurance premiums down 12.6%
Insurance sector amasses US$71.6b of premiums
Health insurance needs to be expanded
Shanghai insurance premiums top 40 billion yuan

Chen said China now has 49 insurance companies which offer life
insurance, endowment insurance and health insurance services. Last year
the nation's life insurance companies reported profits of 13 billion
yuan, 7 billion yuan higher than the previous year.

According to statistics, China's life insurance companies achieved net
profit of 5.8 billion yuan in 2005, more than quintuple the level of 2002.

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