Shanghai insurance premiums rise sharply in first quarter
( 2003-04-15 14:09 ) (8 )

China's financial hub, Shanghai, saw a sharp increase in insurance premiums in the first quarter of this year, a total increase of 9.58 billion yuan (1.2 billion US dollars), a year-on-year increase of about 41 percent, said insurance watchdogs.

The ratio of Chinese to foreign insurers' premium shares was about 91:9, and the ratio of property to life insurance was 15:85, according to the Shanghai office of the China Insurance Regulatory Commission.

The property insurance premium was 1.4 billion yuan (169 million US dollars) in the period, up 5.1 percent; and the life insurance premium was about 8.2 billion yuan (988 million US dollars), up 49.7 percent.

The office head said that Shanghai's insurance sector has evolved smoothly this year and that 52 Chinese and foreign insurance companies, as well as 46 representative offices of foreign insurers, are now operating in the city.