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China's Insurance Sector Reports Moderate Growth in First Half Year
China's insurance sector reported a moderate growth in the first half of the year, with premiums totaling 79.6 billion yuan, up 6.7 percent from the same period last year.
According to figures released by the China Insurance Regulatory Commission (CIRC), premiums from property insurance rose by 9.4 percent to 32.9 billion yuan, while premiums from life insurance gained 4.9 percent to 46.7 billion yuan.
Assets of insurance firms amounted to 311.7 billion yuan by the end of June, an increase of 39 billion yuan from six months ago.
CIRC chairman Ma Yongwei said the operation of the insurance market has been stable and healthy. Claim payments dropped two percent and 22 percent for property and life insurers, respectively.
The insurance policies from overseas have also helped stimulate the market.
Ma said the insurance sector is preparing for China's expected accession into the WTO. Both CIRC and insurers have conducted trained their staff, and have prepared counter measures against WTO-related challenges.
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