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China's premium income ranks No 6

By Hu Yang (chinadaily.com.cn)
Updated: 2009-10-30 13:11

China's total premium income of 2008 reached 978.41 billion yuan ($143 billion), making it the sixth largest country in terms of premium income.

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The achievement is significant considering the humble start of China's insurance industry: in 1980, its premium income was only 460 million yuan, and this year will probably see premium break 1 trillion yuan, as the income for the first half of this year amounted to 598.61 billion yuan despite the influence of the global downturn.

In 2006, the state council and regional governments released a series of policies to facilitate the development of the insurance industry, and the launch of the new Insurance Law in 2009 further strengthened protection for insurees and the regulation of the industry. "It's only the start of China insurance's leap-forward development," an insurance scholar said.

The insurance industry has become an important part of  ...

The full text is available in the October Issue of China Insurance. Please visit E-Shop for more subscription details.