Insurance regulator pledges reform
By Feng Jianmin |
June 30, 2013, Sunday
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Print Edition
Print Edition
Reforms are needed to boost China's insurance sector, as it is seriously undersized compared with economic output, China's top insurance regulator told the forum yesterday.
Reform tasks include deregulating life insurance product pricing, expanding investment channels and encouraging insurance companies to better serve customer needs, said Xiang Junbo, head of the China Insurance Regulatory Commission.
"We will focus on reforms to sustain the sector's healthy growth," Xiang said.
The annual increase of China's insurance premium revenue has slowed to around 10 percent since 2011, compared to more than 20 percent in the decade before.
The regulator's data showed last week that insurance premium income totaled 774.4 billion yuan in the first five months this year, 9.4 percent more than the same period last year.
Xiang pledged to accelerate reform that will lift the interest rate ceiling of 2.5 percent for life insurance products.
Reform tasks include deregulating life insurance product pricing, expanding investment channels and encouraging insurance companies to better serve customer needs, said Xiang Junbo, head of the China Insurance Regulatory Commission.
"We will focus on reforms to sustain the sector's healthy growth," Xiang said.
The annual increase of China's insurance premium revenue has slowed to around 10 percent since 2011, compared to more than 20 percent in the decade before.
The regulator's data showed last week that insurance premium income totaled 774.4 billion yuan in the first five months this year, 9.4 percent more than the same period last year.
Xiang pledged to accelerate reform that will lift the interest rate ceiling of 2.5 percent for life insurance products.
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