Business / Economy

Fast growth in property insurance premium income

By Wu Yiyao in Shanghai ( Updated: 2012-12-25 16:07

Insurers in China saw a total premium income of 1.42 trillion yuan ($228 billion) in the first 11 months of 2012, a year-on-year-growth of 7.4 percent, the China Insurance Regulatory Committee said on Dec 22.

Personal insurance products saw a relatively slow growth with a 3.87 percent year-on-year growth, while property insurance products saw a 15.2 percent increase in premium income.

Foreign insurers realized property premium income of 6.06 billion yuan, a 29.98 percent year-on-year increase; however, their market share of property insurance products was a relatively low 1.2 percent. Analysts said more opportunities will occur if foreign insurers expand to lower-tier cities in China.

Total capital of insurers in the first 11 months reached 6.92 trillion yuan, an 18.4 percent year-on-year growth.

Insurers with bank partnerships saw fast growth in premium income. CCB Life saw total income of 5.43 billion yuan, a year-on-year growth of 444 percent.

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