THREE INSURERS ACCOUNT FOR 80% OF CHINA’S LIFE MARKET

Almost 80% of total premiums paid so far this year in China’s life insurance market have been accrued by three major companies, according to figures released by the China Insurance Regulatory Commission (CIRC). From January to August, 277.85bn yuan of total premium income has been amassed and 78.7% of this total has been raised by China Life Insurance, Ping An Life Insurance and China Pacific Line, a slight increase from last year’s total. For the property insurance market, three companies – People’s Insurance Company of China; China Pacific Property and Ping An Property and Casualty – account of 69.22% of property insurance premiums, a decrease of 5.63% on last year’s figures. Additionally, 263.5bn yuan, or 94.83%, of the market lies in the hands of Chinese-owned or funded companies, leaving just 5.17% of the market in foreign-funded hands, according to the CIRC.