BEIJING, Dec. 27 (Chinese media) -- China's insurance sector
is expected to have a good prospect in premium income this year while suffering
from tumble of investment profit.
"The total premium income of China's insurance
industry is expected to reach 1 trillion yuan in 2008," Wu Dingfu, chairman of
China Insurance Regulatory Commission (CIRC), told an annual national insurance
meeting held here Saturday.
The premium income topped 915 billion yuan (133.8
billion U.S. dollars) in the first 11 months this year, up 42 percent
year-on-year, while the investment profit plunged sharply, Wu said.
CIRC statistics showed life insurance premium income
reached 699.14 billion yuan in the first 11 months, up 51.8 percent from the
same period last year when property insurance premium income increased 17.5
percent year-on-year to 215.91 billion yuan.
In contrast, the country's insurance investment
profit tumbled 66.7 percent year-on-year to more than 93 billion yuan.
The investment income stood at 279.17 billion yuan in
2007, exceeding the total number of the previous five years.
Experts attributed the income slump to a weak investment
market this year. China's domestic stock market shrank to less than 2,000
points by December from its peak last October, which stood above 6,000
points.
At the same time, insurance compensation expanded to
267.5 billion yuan, up 32.7 percent year-on-year.
"Regions hit by blizzards in January and earthquake
in May have received the insurance compensation of 5.5 billion yuan and 1
billion yuan respectively," said Wu.
Wu said the country's insurance industry remained in
good shape amid domestic and global economic slowdown while expecting more
challenges next year.
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