Saturday, January 20, 2018

Chinese insurers’ premium income up nearly 20%

Chinese insurers continue to enjoy strong premium growth. According to latest data, the insurance premium income in China grew 19.17% year on year in the first 11 months of last year.

The data from the China Insurance Regulatory Commission (CIRC) revealed that premium income reached Rmb3.44 trillion (US$527.6 billion) during the January-November period.

Life insurers posted a 21.1% leap in their premium income for the period at Rmb2.49 trillion and property insurance company premium incomes jumped 14.3% to Rmb948.3 billion.

CIRC also reported that as of the end of November, China’s insurance industry had combined assets totaling Rmb16.64 trillion, representing a 10% uplift from the beginning of 2017.

The strong figures were achieved despite the authorities’ tightened regulation of the sector.

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