INTERMEDIARIES GENERATE CNY579BN IN PREMIUMS IN CHINA

Insurance agencies in China generated 82.3% of total insurance premiums in 2007, reports the China Insurance Regulatory Commission (CIRC), a market share up 2.97 points on the previous year. A total of CNY579bn ($80.53bn) in premiums were generated, 29.39% higher in monetary terms. Locally based intermediaries generated an income of CNY60bn, up 47.27% year on year, with profits reaching CNY104m, up 96.2% year on year. The CIRC said that last year it approved 346 intermediary start-ups, while about 170 intermediaries shut up shop. Insurance agencies commissions reached CNT2.15bn, the CIRC said, up 52% year on year. Property (non-life) premiums were CNY1.65bn, up 44.64%, while life assurance commissions were CNY502m, up 82.5% year on year. However, agents made a loss of CNY48, for the full year. Brokers generated operating revenue of CNY2bn, up 41.4%, of which property premiums were CNY1.54bn, and life was CNY189m. Income from reinsurance and other consultancy services made up CNY194m. The brokers made a combined net profit of CNY220m for the full year. Surveyors and loss adjusters achieved an income of CNY720m and a profit of CNY22.7m.