Premium income of insurers in China grew 9% in Jan-Apr

Published: 17 May 2009 23:55:02 PST

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May 18, 2009 (China Knowledge) - China's insurance sector collected RMB 414 billion in insurance premiums in the first four months of this year, representing a 9% growth compared with the same period of last year, despite the global economic crisis, said Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC) on Friday in Shanghai.

The Jan-Apr premium income increase was below the 10% growth in the first quarter and the 39.1% rise recorded in the same period of last year, according to data from the regulator.

Wu said that the property insurance sector had reversed losses because there were fewer insurance claims. The sector reaped RMB 75.1 billion in insurance premiums, up 17% year on year.

At the end of April, the total assets of the Chinese insurance industry amounted to RMB 3.5 trillion, an increase of RMB 200 billion from a year earlier, said Wu.