Premiums set to slow down
By Feng Jianmin |
May 24, 2012, Thursday
|
Print Edition
Print Edition
THE growth in property and casualty insurance premiums may slow down in China in 2012 in tandem with the country's cooling economic growth and deregulation in the motor insurance sector, according to a Moody's report yesterday.
The property and casualty insurance premiums may grow by a slower 10-15 percent this year from around 18 percent in previous years, Moody's Investors Service said in a report.
The slower growth is similar to Moody's forecast for China's economy to expand by 7.5-8.5 percent this year if there are no "disruptive economic or financial shocks," down from 9 percent last year.
Income from motor insurance may fall as insurers are likely to cut their product prices after China's insurance regulator loosened its control over the pricing of such products. But insurers are confident of a modest rebound in auto sales in 2012, the report said.
The property and casualty insurance premiums may grow by a slower 10-15 percent this year from around 18 percent in previous years, Moody's Investors Service said in a report.
The slower growth is similar to Moody's forecast for China's economy to expand by 7.5-8.5 percent this year if there are no "disruptive economic or financial shocks," down from 9 percent last year.
Income from motor insurance may fall as insurers are likely to cut their product prices after China's insurance regulator loosened its control over the pricing of such products. But insurers are confident of a modest rebound in auto sales in 2012, the report said.
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