China Sees Booming Insurance Industry in First Half of 2003

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Last updated at: (Beijing Time) Thursday, July 10, 2003

China Sees Booming Insurance Industry in First Half of 2003

The combined premiums of Chinese and foreign insurance companies in China topped 212.61 billion yuan (25.7 billion US dollars) in the first half of this year, up 32 percent year-on-year.

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The combined premiums of Chinese and foreign insurance companies in China topped 212.61 billion yuan (25.7 billion US dollars) in the first half of this year, up 32 percent year-on-year.

According to the latest statistics from the China Insurance Regulatory Commission (CIRC), life insurance premiums edged up 39.3 percent year-on-year to reach 165.26 billion yuan (19.98 billionUS dollars). Property insurance premiums topped 47.35 billion yuan (5.73 billion US dollars), up 11.8 percent over the corresponding period of last year.

Total payments for the six-month period were 26.7 billion (3.23 billion US dollars), five billion yuan more than last year.

The combined assets of Chinese and foreign insurance companies in China topped 780 billion yuan (94.32 billion US dollars) by theend of June.

Addressing a national meeting on insurance work on Wednesday, CIRC chairman Wu Fuding said that the outbreak of severe acute respiratory syndrome (SARS) has stimulated the domestic demand for insurance since the beginning of the year.

Meanwhile, insurance companies took active steps to develop new insurance products and to improve their services, and thus promoted the sustained and fast growth of life insurance business and the steady development of property insurance business.

Wu said that China boasts a huge market for developing the insurance business. Last year, Chinese people made bank deposits of four trillion yuan (483.7 billion US dollars) for retirement, their children's education and medical treatment.

He encouraged all insurance companies to develop new insurance services and to further explore the insurance market in China.

The total premiums for 2003 are expected to top 400 billion yuan (48.37 billion US dollars), according to Wu.

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