China to beef up Inner Mongolia’s insurance industry

March 30 2016 by InsuranceAsia News Staff

The China Insurance Regulatory Commission (CIRC) has sealed a memorandum of cooperation with the government of the Inner Mongolia Autonomous Region to help it improve insurance marketing and the development of insurance products, among other initiatives to improve its insurance industry.

It also calls for the CIRC to help Inner Mongolia in the development and use of insurance funds to build insurance services for micro-to-small enterprises in the region.

Inner Mongolia has made good progress in the insurance business in recent years.

Last year, the region reported Rmb39.55 billion (US$6.07 billion) in insurance premiums which was a year-on-year rise of 26%.

It also paid out Rmb12.5 billion in compensation claims.

CIRC chairman Xiang Junbo signed the deal with Party member and vice-chairman of the Inner Mongolia region Fu Taizeng, and Yun Guangzhong, another vice chairman of the region.