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China's Insurance Industry Registers Rapid Growth
China's insurance industry has maintained a robust growth momentum in the first seven months this year, top regulator Ma Yongwei said.
Speaking at a national insurance conference here Friday, the chairman of the China Insurance Regulatory Commission (CIRC) said that by July, the industry's premium income had hit 116.3 billion yuan, up 30.1 percent from the same period of last year.
Life insurance premiums stood at 74 billion yuan or an annual increase of 40.2 percent, while that of property insurance totaled 42.3 billion yuan during the same period.
Domestic insurance companies registered a combined premium of 114.5 billion yuan, up 30 percent, while overseas insurers earned a premium of 1.8 billion yuan, sources with CIRC said.
China's insurance industry recorded a 14.5 percent growth in terms of premium income in 2000, according to CIRC figures.
Ma urged domestic firms to use the flourishing market environment to explore markets and introduce new product varieties, and improve their management efficiency.
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