News Non-Life04 Sep 2018

China:Online non-life premiums race ahead by 37% in 1H

04 Sep 2018

China's online property insurance premiums rose significantly in the first half of 2018, picking up pace from the January-March period, official data show.

Premium income from online property insurance sales increased by 37.29% year on year to CNY32.64bn ($4.8bn) in the first half of 2018, reports the Xinhua news agency citing data from the Insurance Association of China. The growth rate was 30.9% in the first quarter.

Online-only insurance companies took a larger share of the property insurance market, as 23.94% of the total income from premiums was earned by the country’s four online-only insurers, 7.07 percentage points higher than last year.

Sixteen foreign-funded insurers posted better performance, grabbing 5.26% of the market, up from 3.22% a year ago.

Auto insurance premiums, which accounted for more than half of the total, grew 15.38%, while premiums from non-auto insurance sales online surged by 79.35%.

Accident and health insurance and return shipping insurance were also popular products.


 

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