Insurance premiums soar 20% in January-July
Print Edition
CHINA’S insurance industry’s gross premium income surged 20 percent year on year in the first seven months of this year, quicker than the 19 percent rise in the first half, the China Insurance Regulatory Commission said yesterday.
The revenue for life insurance jumped 24.2 percent to 1.04 trillion yuan (US$162 billion) in the January-July period, while that for non-life insurance such as property and casualty expanded 11.7 percent to 493.04 billion yuan.
The growth momentum has been strong as the annual gains remained around 20 percent in each month of the year.
The gross premium income rose 17.4 percent last year, up from only 9.4 percent growth in 2013.
But the CIRC cautioned that the current bearish capital market may hurt the industry’s investment returns.
In the first quarter, the capital returns of the insurance companies soared 141.7 percent to 213.53 billion yuan on a bullish stock market. But the recent share rout will make it impossible for insurers to keep the pace, the CIRC said.
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