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Shanghai insurance premiums on steady rise

By Song Hongmei (chinadaily.com.cn)
Updated: 2006-09-11 13:34

Shanghai's insurance premiums rose 26 percent year-on-year in the first seven months of this year to a premium income of 24.72 billion yuan (US$3.11 billion), according to the Shanghai bureau of the China Insurance Regulatory Commission.

Life insurance premiums in Shanghai totaled 18.24 billion yuan during the period, an increase of 31.95 percent year-on-year, while property insurance premiums were up 11.81 percent year-on-year to 6.48 billion yuan. The ratio of life insurance premiums to property was 74:26.

Insurance compensation and payment totaled 4.76 billion yuan in Shanghai during the seven months, an increase of 13.78 percent from the same period last year. City property insurance payouts stood at 2.38 billion yuan, compared to 1.86 billion yuan a year ago, while the figure in life insurance was 1.85 billion yuan, 25 million yuan less than the previous year.

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The full text is available in the September Issue ofChina Insurance.