Insurance Original Premium Income Climbs 21% in the First Nine Months, CIRC Reports
Liao Shumin
DATE:  Nov 21 2017
/ SOURCE:  Yicai
Insurance Original Premium Income Climbs 21% in the First Nine Months, CIRC Reports Insurance Original Premium Income Climbs 21% in the First Nine Months, CIRC Reports

(Yicai Global) Nov. 21 -- China's insurance industry registered original premium income of USD450 billion (CNY3 trillion) in the first nine months, increasing by 21 percent yearly, as statistics released by the China Insurance Regulatory Commission (CIRC) show.

The original premium income of property insurance business and life insurance business was CNY723 billion and CNY1.9 trillion, increasing by 13.5 percent and 28 percent per year, respectively.

The figures for the health insurance and casualty insurance businesses stood at CNY358.3 trillion and CNY70.3 billion, up by 4.45 percent and 20.5 percent annually, respectively.

From January to September, the indemnity of property insurance business logged CNY357 billion, increasing by 7.4 annual percentage points. Payments by the life insurance business hit CNY371 billion, up by an annualized 3 percent. The indemnity and payment of health insurance business amounted to CNY88.5 billion, increasing by 29 percent over the same period last year, and the indemnity of casualty insurance business was CNY16 billion, for annualized growth of 24 percent.

As of the end of September, the balance of the utilization of insurance funds reached CNY14.65 trillion, increasing by 9.4 percent versus the beginning of the year. Bank deposits and bonds were CNY2 trillion and CNY5.13 trillion, making up 14 percent and 35 percent, respectively. Equity and securities investment funds stood at CNY1.9 trillion, or 12.9 percent, while other investments were CNY5.62 trillion, accounting for 38.4 percent.

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Keywords:   Insurance,Original Premium Income