News eDaily28 Nov 2017

China:Insurance industry grows by 20% in first 10 months

28 Nov 2017

Total premium income for China's insurance industry from January to October rose by 19.9% to CNY3.24 trillion (US$491 billion) compared to the corresponding period last year, data from the country's insurance regulator show.

The growth rate for the first 10 months was slower than for the corresponding period in 2016 when total premium income grew by 30.4% to CNY2.7 trillion.

For the period from January to October this year, premium income for property insurance firms rose by 14.37% to CNY856 billion, the CIRC says in a statement posted on its website. The life sector posted growth of 22.05% over the first 10 months with premiums reaching CNY2.38 trillion.

The insurance industry paid out total claims of CNY908.5 billion during the first 10 months of the year, 6.55% higher than in the corresponding period last year.

Total assets of the insurance industry stood at CNY16.62 trillion at 31 October, up by 9.94% from the beginning of the year.


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