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August 30, 2011updated 13 Apr 2017 8:47am

Premium income growth takes a dive in China

It was slow-down time for Chinas insurance industry in the first half of 2011 with the life sector producing a particularly dismal showing, reports the China Insurance Regulatory Commission (CIRC)

By LII editorial

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%.

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.

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