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Halting insolvency
By Zhang Fengming |
December 29, 2010, Wednesday
|
Print Edition
Print Edition
PREVENTING insolvency in its rapidly growing insurance industry will be among China's key tasks in the next five years, according to the insurance regulator yesterday.
"It will be a long-term process to let companies allocate enough capital and improve their solvency," Wu Dingfu, chairman of the China Insurance Regulatory Commission, said on its website yesterday. "It will always be among our key jobs to prevent insolvency."
China's insurance industry, which expanded rapidly in the past five years, still has potential to grow but preventing risks should never be neglected, he added.
China's premiums in 2010 are expected to be nearly three times that of 2005, while insurance assets are likely to be more than three times that of 2005.
In the first 11 months of this year, premiums totaled 1.34 trillion yuan, up 32 percent. Insurance assets topped 4.9 trillion yuan at the end of November.
"It will be a long-term process to let companies allocate enough capital and improve their solvency," Wu Dingfu, chairman of the China Insurance Regulatory Commission, said on its website yesterday. "It will always be among our key jobs to prevent insolvency."
China's insurance industry, which expanded rapidly in the past five years, still has potential to grow but preventing risks should never be neglected, he added.
China's premiums in 2010 are expected to be nearly three times that of 2005, while insurance assets are likely to be more than three times that of 2005.
In the first 11 months of this year, premiums totaled 1.34 trillion yuan, up 32 percent. Insurance assets topped 4.9 trillion yuan at the end of November.
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