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Shanghai Reaps Five Billion Yuan in Premium Revenue
The latest statistics from the Shanghai Insurance Regulatory Office show that the city reaped over five billion yuan (602 million U.S. dollars) in premium revenue during the first quarter of this year, up 80 percent over that of the same period last year.
Chinese insurance companies in the city reaped 4.47 billion yuan, up 88.7 over the corresponding period last year, while foreign-funded insurance companies reaped 540 million yuan.
Personal insurance premium revenue increased to 3.86 billion yuan, 1.1 times over that of the first quarter last year, accounting for some 76.9 percent of total premium volume.
Officials said that the fast economic growth in the city has provided momentum for the development of the insurance market.
The other momentum came from creative measures to increase insurance services and reform service modes.
By the end of the first quarter, the total assets of the insurance industry in Shanghai had hit 21.38 billion yuan. A total of 23 insurance companies, 11 on property insurance and 12 on life insurance, are currently competing in the city.
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