China's insurance sector will grow at an annual rate of 12 percent in the next five years, according to a senior industry official.
By 2005, total business volume will hit 280 billion yuan (about 33.8 billion U.S. dollars), said Ma Yongwei, chairman of the China Insurance Regulatory Commission (CIRC).
During the 2001-2005 period, China's life insurance is expected to grow 14 percent annually to total 190 billion yuan, and property insurance 9 percent annually, to reach 90 billion yuan. Revenues from the insurance sector are estimated to account for 2.3 percent of the country's GDP in 2005.
