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Q1 life insurance boom in Shenzhen

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-05-04 10:52

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Shenzhen insurers reaped 6.35 billion yuan ($906.04 million) in insurance premiums in the first quarter this year, up 39.32 percent year-on-year, according to the China Insurance Regulatory Commission Shenzhen Bureau. It is 27th nationwide in terms of growth, but still lower than the national average of 12.32 percent.

Premiums from property insurers reached 2.19 billion yuan, up 18.03 percent. Premiums from life insurers were 4.16 billion yuan, up 53.9 percent. Fluctuations on the capital market fueled the booming insurance market, said people closed with the Shenzhen bureau. Meanwhile bancassurance businesses are boosting their insurance sales.

China-funded insurers hold the greatest share in the Shenzhen insurance market, accounting for 89.7 percent, while foreign-funded ones only 10.3 percent, down 4.15 percent year-on-year.

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