Beijing's Insurance Industry Booms in First Half of 2003

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Last updated at: (Beijing Time) Friday, August 01, 2003

Beijing's Insurance Industry Booms in First Half of 2003

The combined premiums of Beijing-based insurance companies surged 37 percent to hit 15.01 billion yuan (1.81 billion US dollars) in the first half of this year.

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The combined premiums of Beijing-based insurance companies surged 37 percent to hit 15.01 billion yuan (1.81 billion US dollars) in the first half of this year.

According to the Beijing Association of Insurance Industry, Beijing's premiums for the first six months accounted for 7 percent of the national total and the increase rate was 5 percent higher than the national average for the same period.

The increase rate in premiums was 27.4 percent higher than the growth rate of Beijing's gross domestic product in the same period,according to the association.

Despite the outbreak of SARS (severe acute respiratory syndrome), Beijing not only saw a surge in premiums, but also an increase in the number of insurance companies.

By the end of June, Beijing had approved five insurance companies and 11 intermediary insurance organizations since the beginning of this year.

So far, Beijing has approved 22 insurance agent companies, nineinsurance brokerage companies and four public insurance assessmentcompanies.

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