News Life and Health04 Jun 2018

China:Premium volume falls in first four months of this year

04 Jun 2018

China's insurance sector saw premium income fall by 7.8% year on year to CNY1.7 trillion ($260 billion) in the first four months of the year, according to official data.

The decline came as authorities enhanced regulation of the sector to defuse financial risks.

Property insurance firms posted a 16.1% increase, but life insurance companies registered a 13.6% dip, reports the Xinhua news agency citing data from the China Banking and Insurance Regulatory Commission showed.

Premium income for life insurance started to pick up in March and April, up 6.1% and 9.9% year on year, respectively.

Online insurance business continued to expand. Online-only insurers saw their premium income up 85% year on year to CNY4.5 billion.

Total assets of the insurance industry stood at CNY17.3 trillion at the end of April, representing an increase of 3.6% from the beginning of the year.

 

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