CHINA PREMIUM GROWTH EDGING BACK UP

Chinese insurance premium growth for the first half of the year has reached an annualized 11.5%, compared with just 8% growth in full-year 2012 and a 9.4% annualized figure at the end of May, according to figures from the China Insurance Regulatory Commission (CIRC). The 8% growth in 2012 was by far the lowest figure for at least a decade. Total original premium for the first six months was nearly CNY1trn ($163bn). Much of the growth came from improvements in agricultural cover (up more than 33%), motor (up 13.2%) and casualty (up 20.2%) business. Original premium income was CNY951.2bn ($155.1bn), while life policies contributed CNY555.7bn, up 7.6%. Property business was up 15.8% to CNY312.7bn.