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Insurance agencies post US$20.57b premiums

By Song Hongmei (chinadaily.com.cn)
Updated: 2007-02-28 09:43

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China's insurance agency market showed lightening growth in 2006 as insurers explored new distribution channels for faster premium growth, according to a report on insurance intermediary institutions released by the China Insurance Regulatory Commission.

The report said sales through concurrent-business insurance agencies such as banks, car dealers, post offices and air ticket deliverers totalled 159.34 billion yuan (US$20.57 billion) in 2006, up 26.1 percent compared to the previous year, accounting for 28.24 percent of all insurance premiums.

The report also found that the fast premium growth brought handsome commission benefits for the agencies which amounted to 7.28 billion yuan, up 28.55 percent.

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The full text is available in the February Issue ofChina Insurance.