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Insurance Premium Exceeds Ten Billion in Beijing
The overall insurance premium in Beijing has amounted to a record high of 10.51 billion yuan (about 1.27 billion US dollars ) during the past three quarters, surging 70.4 percent year-on-year, according to latest statistics.
There are now in Beijing 20 property insurance companies, life insurance companies and intermediary insurance services, and 82 agencies for overseas insurance institutions, employing a total of 60,000 people.
In the past three quarters, the aggregated property insurance premium and life insurance premium respectively reached 3.18 and 6. 69 billion yuan, up 27.4 percent and 126.1 percent year-on-year, and the compensation and expenditure totaled 2.61 billion yuan, up 37.8 percent.
The upturn for the insurance sector can be attributed to the sustainable economic development and deepened reform of the social security system in Beijing, experts said.
The investment-oriented insurance business has also sharply boosted by the citizens, experts said, adding the booming life insurance business has functioned as a major factor rejuvenating the insurance sector in Beijing.
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