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September 3, 2018

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Online insurers’ premiums rise faster

Source: Xinhua | 00:01 UTC+8 September 3, 2018 | Print Edition

China’s online property insurance premiums rose faster in the first half of 2018, from the January-March period, official data showed.

Premium income from online property insurance sales surged 37.29 percent year on year to 32.64 billion yuan (US$4.79 billion) in the first six months, according to the Insurance Association of China. The growth rate was 30.9 percent in the first quarter.

Online-only insurance companies took a larger share of the property insurance market, as 23.94 percent of the total income from premiums was earned by the country’s four online-only insurers, 7.07 percentage points higher than last year.

Sixteen foreign-funded insurers posted better performance, grabbing 5.26 percent of the market, up from 3.22 percent a year ago.

Auto insurance premiums, which accounted for more than half of the total, grew 15.38 percent, while premiums from non-auto insurance sales online surged 79.35 percent.

Accident and health insurance and return shipping insurance were also popular products.

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