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Insurers cash in on intermediary sales

(Global Times)

08:24, May 23, 2012

Chinese insurance companies raked in 23.88 billion yuan ($3.78 billion) in premiums during the first quarter of this year through agencies that sell products on insurers' behalf, according to the China Insurance Regulatory Commission (CIRC) Tuesday.

As of the end of the first quarter, there were a total of 2,553 such agencies across the country, which registered revenues of 3.91 billion yuan from January to March, up 20.17 percent compared with the same period last year. Among the premiums collected by these agencies, premium income from property insurance reached 17.42 billion yuan.

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