China's Insurance Industry Mirrors Social Changes

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Last updated at: (Beijing Time) Tuesday, October 29, 2002

China's Insurance Industry Mirrors Social Changes

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The fast pace of development in China's insurance industry mirrors the great economic and social changes in the country, says Feng Xiaozeng, vice chairman of the China Insurance Regulatory Commission (CIRC).

Feng told a press conference in Beijing on Monday the country'sinsurance industry had developed rapidly thanks to China's economic growth and better living standards. In recent years, China had improved its social security system, which provided an opportunity for the insurance industry to develop.

China's insurance premiums amounted to 210.94 billion yuan (26 billion US dollars) last year, and 226.27 billion yuan (28 billionUS dollars) in the first nine months of this year, up 51.4 percentyear-on-year.

By the end of last year, a total of 52 insurance companies existed nationwide, with over 70,000 agencies and over 1.2 millionemployees.

A more competitive insurance market had formed in China, with insurance companies as the principal players and agencies as intermediaries, Feng said.

Insurance companies now attached great importance to new products, to provide consumers with a high-quality service.

China would soon approve an amendment to its insurance law, which detailed new regulations on many aspects of the industry such as insurance management, risk prevention, insurance supervision and consumer interests.

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