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Insurance in Tibet Sees Fast Growth
The insurance industry in Tibet Autonomous Region has recorded fast growth. By the end of 1999, the annual insurance premium had increased to 56.19 million yuan and it had handled over 17,300 cases for compensation and paid a total of 120 million yuan in indemnity.
The Tibet Branch of the People's Insurance Company of China had only 3 million yuan worth of premium income at the time of its establishment in 1987. However, the figure topped 50 million yuan last year and keeps a growth rate of 28.5 percent annually. The number of insurance types has increased from about 10 at the beginning to 68 now, which basically satisfies the need of all circles of the Tibetan society for insurance.
With the development of insurance, the insurance institutions set up by the Tibet branch have covered seven prefectures and cities and an insurance service system featuring multiple insurance types and perfect mechanism has taken initial shape.
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