Shanghai Reports Major Rise in Insurance Premiums

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Last updated at: (Beijing Time) Tuesday, January 14, 2003

Shanghai Reports Major Rise in Insurance Premiums

This oriental metropolis of Shanghai chalked up 23.93 billion yuan (about 2.88 billion US dollars) in insurance premium revenue last year.

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This oriental metropolis of Shanghai chalked up 23.93 billion yuan (about 2.88 billion US dollars) in insurance premium revenue last year.

The figure is 5.92 billion yuan (some 713 million US dollars) more than that of 2001, or a rise of 32.86 percent, said sources from the China Insurance Regulatory Commission (CIRC) Shanghai Office.

Life insurance premiums brought in the biggest profit with 19.33 billion yuan (about 2.33 billion US dollars), up 37.83 percent.Property insurance premiums made up 4.44 billion yuan (about 535 million US dollars), up 11.25 percent, and re-insurance premiums were 165 million yuan (about 19.88 million US dollars).

Zhou Yanli, head of the CIRC Shanghai Office, said 21 insurancecompanies have been doing investment management from Shanghai based on insurance capital.

Amidst fierce market competition, insurance companies are quickto develop new products. In the last year alone, 231 new varietiesof insurance were registered at the CIRC Shanghai Office, according to Zhou.

Shanghai is now home to 50 insurance companies and intermediaryinsurance organizations, with 60,000 employees. The insurers paid 4.99 billion yuan (about 601 million US dollars) in indemnities last year, up 28.38 percent.

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