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Insurance growth takes on new pattern

(chinadaily.com.cn)
Updated: 2008-02-20 10:16

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The China Insurance Regulatory Commission (CIRC) said that the nationwide insurance business in China is basically a "six to two to two" pattern. The regional development structure is meanwhile awaiting further optimization.

Statistics show that the 16 provinces in eastern China collected insurance premiums of 434.1 billion yuan (US$60.64 billion) last year, or 62 percent of the nation's total. The eight central provinces collected 148.7 billion yuan, or 21 percent of the nation's total, and the 12 western provinces 119.2 billion yuan, or 17 percent of the nation's total.

As for the property insurance business, insurance premiums from eastern, central and western China were 63 percent, 18 percent and 19 percent of the nation's total, respectively. Premiums from personal insurance in those same three region accounted for 61 percent, 22 percent and 16 percent respectively.

Wu Dingfu, chairman of the CIRC, said at the 2008 national insurance work conference that the CIRC will optimize the regional development structure.

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The full text is available in the February Issue of China Insurance.