China: Insurance sector posts 6.9% growth in first 10 months of 2020
Source: Asia Insurance Review | Jan 2021
According to data from the China Banking and Insurance Regulatory Commission, the insurance industry posted total gross premiums amounting to CNY3.96tn ($604bn) in the first 10 months of 2020 – representing an increase of 6.9% over the corresponding period in 2019.
This rate of growth was 5.3 percentage points lower than the 12.2% increase seen for the first 10 months of 2019 compared to the corresponding period in 2018.
The slower pace of growth is seen in both the P&C and life sectors which reported a year-on-year increase of 5.3% and 7.4% in its premium income from January to October 2020 respectively. A