Rapid growth in insurance premiums reported in 2003

Home>>Business

Last updated at: (Beijing Time) Tuesday, February 10, 2004

Rapid growth in insurance premiums reported in 2003

DISCUSSION

CHINESE

SEND TO FRIEND

The total volume of premiums for China's insurance sector reached 388 billion yuan (47.3 billion USdollars) in 2003, up 27.1 percent over the previous year, according to latest figures from the China Insurance Regulatory Commission.

The figures include 301.1 billion yuan (36.71 billion US dollars) for life insurance, accounting for 77.6 percent of the total, up 32.4 percent year on year.

The combined property insurance premiums in China stood at 86.94 billion yuan (10.6 billion US dollars), up 11.7 percent, while the premiums for motor vehicles totaled 54.46 billion yuan (6.64 billion US dollars), up 14.1 percent.

Market analysts said the outbreak of the severe acute respiratory syndrome (SARS) during last spring and summer promptedinsurance companies to offer SARS-related insurance products.

Health insurance premiums grew by 69.7 percent to 34.1 billion yuan (4.15 billion US dollars) in 2003.

By the end of 2003, the total assets of the insurance sector had grown by 41.5 percent to 912.2 billion yuan (111.2 billion US dollars) with per-capita premiums at 287 yuan (35 US dollars).

Source:Xinhua

Questions?Comments? Click here

Sino-Swedish life insurance company launched in Beijing

Foreign insurers in China witness fast growth

CEPA benefits HK insurance sector, official

China, Wi-Fi fight for WLAN standard ( 4 Messages)

US visa rules anger students ( 13 Messages)

Beijing to build two new Christian churches ( 4 Messages)

Australian PM appalled at attack on Chinese restaurants ( 8 Messages)

China concerned about Japan dispatching troops to Iraq: FM spokeswoman ( 3 Messages)