News eDaily05 May 2017

China:Insurance market sees slower but robust 32% growth in 1Q

05 May 2017

China's insurance sector recorded CNY1.59 trillion (US$230.54 billion) in premium income in the first quarter of this year, representing a surge of 32% compared to the same quarter last year earlier, the CIRC said in a statement.

Compared with a 42% year-on-year rise in the first quarter of 2016, the rate of growth of the insurance industry slowed down due to a crackdown by the regulator to contain risks.

Premium income earned by life insurance companies rose by 37.2% to CNY1.35 trillion in 1Q2017. New-business premiums rose by 34.6% to CNY961 billion. Traditional life insurance products saw a higher market share, rising by 21.5 percentage points to 57.6% of the life market.

From January to March, property and casualty insurers saw premiums rising by 12.7% to CNY263.5 billion.

Insurers made CNY185.6 billion yuan in investment gains during the January-March period, up by 34% from a year earlier.

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