Jun 2019

Read the latest edition of AIR and MEIR as an Interactive e-book

China: Insurance market grew 27.5% in 2016, fastest pace in 8 years

Source: Asia Insurance Review | Mar 2017

Insurance premiums in China last year grew at their fastest pace since 2008, driven by life insurance, according to CIRC data.
   Life insurance premiums jumped 31.7% to CNY1.74 trillion (US$248 billion), while health insurance premiums soared 67.7% to CNY404.3 billion. Non-life premiums increased 9.1% to CNY872.5 billion. Total insurance premiums grew by 27.5% to CNY3.1 trillion.
   However, Mr Duan Haizhou, a CIRC official, said that China’s insurance industry premium income is expected to grow at a slower pace this year due to tighter regulations, particularly on universal life products.
   CIRC has tightened on stock investments by insurers to minimise risk. Mr Chen Wenhui, CIRC Vice Chairman, said last month that this year would be a “very difficult” one for the investment of insurance capital.
   CIRC has vowed to return the industry to its core mission of providing long-term security and ramp up efforts to police the industry.
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.