The inadequate development of the insurance market in Tianjin has restricted the effective functioning of insurance and represents a bottleneck in the coordinated development of insurance services in the Beijing-Tianjin-Hebei region, said Tianjin Insurance Regulatory Bureau Party committee member Ms Yuan Yumei.
She was speaking to the Xinhua News Agency at the International Beijing-Tianjin-Hebei Insurance Forum yesterday.
Insurance premiums in the Beijing-Tianjin-Hebei region amounted to CNY386.4 billion (US$58.3 billion) last year, representing 12% of the country's total premiums. The development of insurance business in the region is uneven, with Beijing posting premiums of CNY183.9 billion last year, followed by Hebei with CNY149.5 billion and Tianjin lagging with CNY53 billion.
For comparison purposes, there are around 22 million people in Beijing; around 74 million in Hebei and more than 15 million in Tianjin.
She said that currently, there are seven insurance companies which are registered in Tianjin which also has 56 branches of insurance companies that are headquartered in other provinces or municipalities.
Ms Yuan said: “Catching up in Tianjin will need the combined efforts of the government, regulators and insurance companies.”
She said: "The government should improve the market system and encourage the flow of factors. The regulatory authorities should strengthen institutional innovation and regulatory cooperation while insurers have to engage in innovation of products and services.”