Munich Re seeks premium rise
By Zhang Fengming |
April 10, 2010, Saturday
|
Print Edition
Print Edition
MUNICH Re AG targets double-digit annual growth in life insurance premiums in China in five years as it banks on the country's rising economy, a senior official said yesterday in Shanghai.
"The life business is gaining a bigger share in our global market with Asia as the main growth engine," said Joachim Wenning, a member of the board of Munich Re responsible for life business. "China is an integral part of it."
The world's biggest reinsurer generated about 80 million euros (US$107 million) in life premiums in China in 2009, a small fraction compared with the 6.8 billion euros it achieved globally.
"Our China business is small. But everything starts small," said Wenning. "Considering the long-term business growth, China is a promising market with rapid growth."
Life reinsurance premiums accounted for 31 percent of the reinsurer's global premiums in 2009, a jump of 26 percent from a year ago.
The German reinsurer, which sells back-up coverage to insurance companies in the event of catastrophes, held its first annual meeting of its global life board this week in Shanghai.
Munich Re employs about 200 people in China.
"The life business is gaining a bigger share in our global market with Asia as the main growth engine," said Joachim Wenning, a member of the board of Munich Re responsible for life business. "China is an integral part of it."
The world's biggest reinsurer generated about 80 million euros (US$107 million) in life premiums in China in 2009, a small fraction compared with the 6.8 billion euros it achieved globally.
"Our China business is small. But everything starts small," said Wenning. "Considering the long-term business growth, China is a promising market with rapid growth."
Life reinsurance premiums accounted for 31 percent of the reinsurer's global premiums in 2009, a jump of 26 percent from a year ago.
The German reinsurer, which sells back-up coverage to insurance companies in the event of catastrophes, held its first annual meeting of its global life board this week in Shanghai.
Munich Re employs about 200 people in China.
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