Bloomberg News

China's Insurance Market Grows 13.3 Percent Over Seven Months

August 21, 2006

China's insurance market grew 13.3 percent to 342.4 billion yuan ($43 billion) in the first seven months from a year earlier, with sales of property and casualty cover leading the expansion.

The size of the increase was the same as for the equivalent period last year.

Premiums from life policies rose 12.9 percent to 254 billion yuan, the China Insurance Regulatory Commission said in a statement in Beijing today. Property and casualty cover generated premiums of 88.2 billion yuan, an increase of 14.7 percent.

China Life Insurance Co. and other insurers have been selling more protection and investment products as the economy grows and welfare benefits decline for the nation's 1.3 billion people. The insurance market may grow 15 percent a year to 1 trillion yuan by 2010, the regulator said in April.

The total assets held by China's insurers reached 1.74 trillion yuan. Insurers had 559 billion yuan in bank deposits, down from 567 billion yuan in the first six months, and 1 trillion yuan in stocks, bonds and corporate debt, little changed from the figure for the first-half, the regulator said.

To contact the reporter for this story: Jianguo Jiang in Shanghai at jjiang@bloomberg.net

To contact the editor responsible for this story: Bruce Grant at bruceg@bloomberg.net


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