It was slow-down time for
China’s insurance industry in the first half of 2011 with the life
sector producing a particularly dismal showing, reports the China
Insurance Regulatory Commission (CIRC).
Life insurance premium income
came in at CNY569.7bn ($88bn), down 4.8% from the CNY598.2bn
reported in the first half of 2010, while general insurance premium
income of CNY235.96bn was up 16.9%.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Across the life and general
insurance sectors total premium income in the first half of 2011 of
CNY805.66bn was recorded, up 13% compared with the first half of
2010 when a cracking growth rate of 33.4% was achieved.
The increase in the first
half of 2010 growth rate was produced by a 33.7% increase in life
premiums and a 33.5% increase in general insurance
premiums.
In a statement, CIRC chairman
Wu Dingfu warned of “great challenges” to the insurance market
caused by rising inflationary pressure and higher interest
rates.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
