Chinese online insurance growing rapidly

September 20 2016 by InsuranceAsia News Staff

China’s online insurance market witnessed robust growth during the first six months of this year.

According a report issued by the Insurance Association of China, the total premium income for online insurance reached Rmb143.11 billion (US$21.37 billion) during the first half of 2016, 1.75 times the amount in the same period of last year, and its proportion of the total industry premium has risen to 5.2%.

The online personal insurance market in particular developed powerfully.

Specifically, from January to June, the total scale premium of internet personal insurance reached Rmb113.39 billion, 2.5 times the amount in the same period of last year, far more than that of internet property insurance.

As to the growth rate, the growth rate of premium of internet personal insurance was 150.4%, serving as an important driver of premium growth for the industry as a whole.

MORE FROM: Digital