Chinese general insurance market grows 17%
China recorded 17% growth in general insurance premium lines last year as 10 new firms established operations to capitalise on the growing insurance market.
But life insurance business was the big mover, with a 49% uplift taking written premiums to RMB666 billion ($152 billion).
General insurers collected RMB233.7 billion ($53.2 billion) in premium as total insurance premium written by China’s 130 insurers soared 39% to RMB978 billion ($223 billion).
Insurers paid RMB297 billion ($68 billion) in claims during the year – a 31% increase on 2007. The rise was mainly attributed to a winter snowstorm and May’s Sichuan earthquake, which killed 80,000 people.
But life insurance business was the big mover, with a 49% uplift taking written premiums to RMB666 billion ($152 billion).
General insurers collected RMB233.7 billion ($53.2 billion) in premium as total insurance premium written by China’s 130 insurers soared 39% to RMB978 billion ($223 billion).
Insurers paid RMB297 billion ($68 billion) in claims during the year – a 31% increase on 2007. The rise was mainly attributed to a winter snowstorm and May’s Sichuan earthquake, which killed 80,000 people.