Friday, March 23, 2018

China’s premium income up 18% in 2017

The premium income generated by Chinese insurers increased about 18% in 2017 from a year earlier, data from the insurance regulator showed.

China’s insurers posted premium income of Rmb3.66 trillion (US$580 billion) at the end of last year, representing a rise of 18.16% from the end of 2016, according to a notice published on the website of the China Insurance Regulatory Commission (CIRC).

Life companies saw their premium income jump 20.04% over the previous year to reach Rmb2.6 trillion.

Total premium income in 2016 rose 27.5% from a year earlier to Rmb3.1 trillion, marking the fastest pace of growth since 2008.

The growth comes despite CIRC and other financial regulators strengthening their efforts to eliminate risk in the sector.

Such efforts recently led to CIRC’s takeover of Anbang Insurance and the introduction of regulations curbing highly leveraged business.


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