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Insurance sector expands 14%
(Bloomberg )
Updated: 2005-12-27 08:45
China’s insurance market grew 14% to 455 billion yuan (US$56bil) in the first 11 months of the year.
Life insurers, led by China Life Insurance Co, posted premiums of 337 billion yuan in the year to Nov 30, 14% more than a year earlier, according to data released by the China Insurance Regulatory Commission.
PICC Property & Casualty Co and other non-life insurers sold 118 billion yuan of policies during the period, up 13% from a year earlier.
Growth in China’s insurance market is slowing because of slowdown in the expansion of life business.
The overall market, helped by increasing household savings, economic development and government cutbacks in welfare benefits, expanded at an average annual pace of 25% in the past five years.
Overseas insurance companies accounted for 9.4% of life premiums and 1.3% of non-life premiums.
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