ChinaRealNews

Liaoning Jinzhou’s insurance industry sees increase in premium revenue

2009-05-25 Shenyang

The insurance industry in Jinzhou, Liaoning experienced steady growth during the first quarter of this year, despite the global financial crisis. A total of 23 insurers in the city recorded premium revenue of RMB491 million (approx. US$72 million) during the period, an increase of 12 percent over a year ago. The growth can be mainly attributed to improved operation, enhanced supervision and strong risk management.

Taiwan Life Insurance gets China venture go-ahead

2009-5-20 Taibei

Taiwan Life Insurance said its Chinese joint venture had gained the approval of the Beijing-based China Insurance Regulatory Commission to set up a branch office in Fuzhou City, Fujian Province. King Dragon Life Insurance, a 50-50 joint venture formed by Taiwan Life and China’s Xiamen C&D Corporation, will be allowed to open for business in Fuzhou City.

Hubei province’s insurance market maintains stable growth over last four months

2009-05-19 Wuhan

According to statistics revealed at a conference on Hubei province’s financial situation, the province’s insurance market experienced a stable upward trend for the last four months. Insurance premiums collected across the entire province increased 16.3 percent year-on-year to RMB13.7 billion (approx. US$2 billion), of which, property and life insurance businesses received premium payments of RMB2.6 billion (approx. US$375 million) and RMB11.2billion (approx. US$1.7 billion) respectively, both at higher growth rates than the national average in China.

Chongqing expands coverage of live pig breeding insurance

2009-05-15 Chongqing

According to a spokesperson for the government of Chongqing, the government plans to expand the coverage of live pig breeding insurance to more pilot districts and counties, to weather the decline in pork prices due to the H1N1 flu. Rongchang and Fuling will be included in the insurance scheme, in addition to Hechuan, Yubei, Zhongxian and Qianjiang.

Hebei province’s insurance sector makes good start in Q1

2009-04-30 Shijiazhuang

According to statistics released by Hebei Insurance Regulatory Bureau, the province generated RMB17.7 billion (US$2.6 billion) from insurance premiums during the first quarter of 2009, a year-on-year increase of 28.5 percent and 18.5 percentage points higher than the country-wide average. Of the total, property insurance business recorded RMB3.6 billion (US$527 million), a rise of 21.5 percent from a year before, while life insurance business gained RMB14.1 billion (US$2 billion), soaring 30.4 percent over a year prior. For the same period, total assets among the province’s insurers amounted to RMB87.3 billion (US$12.8 billion), a year-on-year growth of 27.6 percent.

China sees nearly five-fold increase in auto insurance premium within 8 years

2009-04-03 Beijing

Auto insurance premium in China increased to RMB 170 billion (approx. US$25 billion) in 2008, from RMB 37 billion (approx. US$5.4 billion) in 2000, a more than 4.5-fold increase within eight years and an average annual growth of more than 20 percent, said an executive at PICC at a forum.

China Life pulls out of bidding for American International Assurance

2009-03-05 Beijing

Chinese insurance giant China Life Insurance Co Ltd has pulled out of the bidding for American International Assurance (AIA), the Asian unit of the ailing American International Group (AIG), as AIA's asset quality, business direction and brand have changed dramatically over the last few months, according to Yang Chao, chairman of China Life. He also said that the company will not rule out the possibility of seeking other opportunities of overseas acquisitions.

Guangdong makes efforts to support Hong Kong, Macao and Taiwan SMEs

2009-01-22 Guangzhou

Wan Qingliang, deputy governor of Guangdong province, China, recently announced at the Hong Kong-Guangdong Co-operation Joint Conference's 12th working meeting that the province will launch up to 30 measures to help Hong Kong, Macao and Taiwan small and medium-sized enterprises (SMEs) operating in Guangdong address the financial crisis. One of the measures is to offer RMB1 billion (approximately US$146 million) to support those SMEs’ transformation. In addition, Hong Kong Chief Secretary for Administration Henry Tang said that Hong Kong and Guangdong will form a co-ordinating group to facilitate their cooperation on finance, services, infrastructure construction and technical innovations.

 

CIGNA & CMC Life Insurance to launch new participating insurance services in China

2009-01-14 Beijing
 
CIGNA & CMC Life Insurance, a joint venture between joint venture between CIGNA Corp and China Merchants Group, plans to launch an insurance initiative for major diseases in eight large cities in China, including Beijing and Shanghai. The initiative, including endowment insurance and insurance for major diseases, covers people whose ages are between 60 days and 55 years old. Policy holders will be qualified to receive bonus during the duration.

China posts premium income of US$134 billion in first 11 months of 2008

2009-01-07 Beijing

China posted premium income of RMB915 billion, or approximately US$134 billion, from January to November 2008, 42 per cent more than a year earlier, according to the China Insurance Regulatory Commission. Premium income from property insurance policies totaled RMB216 billion, or approximately US$32 billion, a year-on-year increase of 18 per cent. In addition, premium income from personal insurance grew 52 per cent to RMB699 billion, or approximately US$102 billion.