December 20, 2008

China Insurance Regulatory Commission: premium income this year will exceed 1 trillion yuan

China Insurance Regulatory Commission Vice Chairman Zhou ceremony on the 19th that since the 1979 restoration of the domestic insurance business so far, the insurance industry asset size is now more than 3,000,000,000,000 yuan, the insurance companies more than the number reached 110, employing more than 200 million people. He predicted that this year the domestic insurance total premium income will exceed 1 trillion yuan.

It is reported that China People's Insurance and New China attendant, has been set up in 1949. However, due to historical reasons, the new Chinese insurance industry ups and downs several times, once to enter the 20-year standstill period. Until China's reform and opening-up, full restoration of the insurance industry, into the booming real track.

Data show that in 1980 the national premium income of 4.6 billion in 2007 premium income has increased to 703,576,000,000 yuan, an average annual increase of 30%. January to August this year, the national premium income reached 713,399,000,000 yuan, up 52.24 percent, more than the sum of the whole of last year. This represents the speed of calculation, the premium income for the year expected to top 1 trillion yuan mark.

In terms of premium income, current Chinese People's Insurance Group, second only to China Life Insurance (601,628, it shares) of the Group of the mainland's second-largest insurance group, the China's People's Insurance Insurance is a H-share listed companies. The group was established in accordance with the plan to promote the restructuring, with a view to next year the conditions are ripe to achieve the overall objective of the listing.

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