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Insurance intermediaries gaining in importance

By Song Hongmei (chinadaily.com.cn)
Updated: 2008-02-20 10:17

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China's insurance intermediary institutions collected 579.34 billion yuan (US$80.62 billion) in 2007, 29.39 percent higher than the previous year, according to a report released by the China Insurance Regulatory Commission.

Insurance intermediaries are playing an increasingly important role in the country's insurance development, said the report. They collected 82.34 percent of the country's total premiums in 2007, rising from 79 percent in 2006 and 67 percent in 2002.

According to the report, they earned profits totaling 194.96 million yuan in 2007, up 96.22 percent from the previous year. As of the end of 2007, there were a total of two million insurance agents in China, who together collected a premium income of 319.3 billion yuan, up 20.48 percent.

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The full text is available in the February Issue of China Insurance.