Foreign-financed Insurance Companies Report Surge in Premiums

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Last updated at: (Beijing Time) Tuesday, July 08, 2003

Foreign-financed Insurance Companies Report Surge in Premiums

Foreign-financed insurance companies in China registered 2.33 billion yuan (281 million US dollars) in premiums in the first five months this year, up 37.5 percent year-on-year.

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Foreign-financed insurance companies in China registered 2.33 billion yuan (281 million US dollars) in premiums in the first five months this year, up 37.5 percent year-on-year.

Figures from the China Insurance Regulatory Commission indicated that by the end of May, the total assets of these companies had reached 15 billion yuan (1.8 billion dollars), surging nearly 50 percent over the same period last year.

From January to May, the premiums of foreign-funded companies in Shanghai and in the southern port city of Guangzhou accounted for 10.1 percent and 4.8 percent of the local markets, respectively.

To date, 36 foreign insurance companies have set up 57 branchesin China, including 20 life, 14 property and two re-insurance companies.

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