General insurance sector up 15.4%

china

The Chinese insurance market by expanded 8%, or 1.55 trillion yuan ($248bn) in 2012.

That compares to 20% over the last two decades, according to the China Insurance Regulatory Commission (CIRC).

The CIRC said the general insurance market grew 15.4%, to 533bn yuan ($85.7bn) in 2012.

Health insurance premiums climbed 24.7%, to 86.28bn yuan ($11.4bn).

Meanwhile, the life insurance sector grew 4.5% year-on-year to just over one trillion yuan ($160.7bn).

The CIRC said the Chinese insurance sector now controls 7.35 trillion yuan ($1.18 trillion) in assets.

Swiss Re expects the Chinese market overall to recover to over 10% growth in 2013.

Topics