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CIRC issues 2008 insurance intermediaries report

By Li Huayu (chinadaily.com.cn)
Updated: 2009-03-04 13:50

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In 2008, insurance intermediary organs across China raked in a premium income of 804.35 billion yuan ($117.60 billion), up 38.84 percent from a year earlier and accounting for 82.21 percent of the insurance industry's total premium income, according to a report issued by the China Insurance Regulatory Commission (CIRC).

As of the end of 2008, China had a total of 2,445 specialized intermediaries, 136,634 proxies, and 2.56 million salespeople. Last year, they had business revenue of 72 billion yuan, up 19.88 percent year on year.

-- Specialized intermediaries

Among the specialized intermediaries, there were 1,822 insurance agents, 350 brokers and 273 adjustors, accounting for 74.52, 14.31 and 11.17 percent respectively. They had a registered capital of 6.79 billion yuan and a total asset of 9.49 billion yuan at the end of December, up 11.96 percent from the previous quarter and up 21.50 percent from a year earlier.

Insurance agents received a premium income of 26.97 billion yuan, up 41.52 percent year on year and accounting for 2.76 percent of the total premium income. Of the amount, property insurance and life insurance took up 70.26 and 29.74 percent respectively.

Insurance brokers reaped a premium income of 24.53 billion yuan, up 47.02 percent from the year before and accounting for 2.51 percent of the total premium income. Of the amount, property insurance and life insurance accounted for 78.5 and 17.28 percent respectively.

Loss assessment of insurance adjustors amounted to 26.50 billion yuan, up 94.31 percent year on year.

In the fourth quarter of 2008, specialized insurance intermediaries had total operating revenue of 7.15 billion yuan, up 46.20 percent from the same period of the previous year. Their overall profit amounted to 255.02 million yuan.

Insurance agents received 3.35 billion yuan in commissions, a growth of 56.1 percent from a year earlier. Property insurance and life insurance contributed 70.27 percent and 29.73 percent respectively. Throughout the entire year, insurance agents nationwide made a profit of 4.07 million yuan.

Insurance brokers had operating revenue of 2.65 billion yuan, a rise of 31.25 percent. Commission income from property insurance, life insurance, and reinsurance and consulting accounted for 75.92, 10.61 and 13.47 percent respectively. Insurance brokers nationwide made a profit of 214.03 million yuan during 2008.

Insurance adjustors had operating revenue of 1.14 billion yuan, up 58.61 percent. Property insurance and life insurance contributed 1.1 billion yuan and 1.17 million yuan respectively, and the rest came from other businesses. For the entire year, insurance adjustors nationwide made a profit of 36.93 million yuan.

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The full text is available in the February Issue of China Insurance.Please visit publications for more subscription details.