China:Total premiums shoot up by 20% in Jan-August period
Total premium income for China’s insurance industry in the January-August period rose by 20.5% from a year earlier to CNY2.77 trillion (US$418.4 billion), data from the country’s insurance regulator showed yesterday.
Premium income for property insurance firms by rose 14.4% to CNY690.1 billion, according to a statement posted on the CIRC website. Life insurance companies saw their premium income rise by 22.6% to CNY2.08 trillion.
In terms of business classes, premiums rose by 13.4% for property insurance to CNY638.8 billion; by 27.3% to CNY1.75 trillion for life insurance, by 3.1% to CNY319.5 billion for health insurance, and by 20.1% to CNY60.6 billion for accident insurance.
Total claims paid and redemptions rose by 7.8% during the first eight months of the year to CNY743.6 billion, compared to the corresponding period last year.