Friday, September 22, 2017

Chinese premium income growth slows

Total premium income growth for China’s insurance industry slowed further in the first seven months of this year, according to data recently released by the China Insurance Regulatory Commission (CIRC).

Stricter regulatory measures, which resulted in the suspension of Anbang Life and Foresea Life, have pressured total premium income in the January-July period.

Still, premium income grew 21.3% to Rmb2.53 trillion (US$384.5 billion) after growing 35.4% in the same period last year.

China’s life industry accounted for premium income growth of 23.9% to Rmb1.96 trillion, down from the 47.7% growth experienced a year earlier.

Premium income for property insurance grew 14.1% to Rmb609.55 billion, CIRC said in a release.

The regulator also revealed that the outstanding investments of China’s insurers stood at Rmb14.4 trillion during the period.

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