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Article featured in Business Beijing, August 2005
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Insurance Premiums Soar in 2005

2005/08/14

The insurance industry in Beijing reported 34.74 billion yuan (US$4.28 billion) in premiums during the first half of this year, up 130 percent year-on-year, according to the Yahoo News.

The Beijing Insurance Regulatory Department told a recent press briefing that during the period, the city witnessed the establishment of nine new entities, including six Sino-foreign insurance joint ventures.

Of the 34.74 billion yuan (US$4.28 billion) of premiums, life insurance premiums were reported at 31.26 billion yuan (US$3.85 billion), up 170 percent or accounting for 89.9 percent of the city's total premiums; other insurance earnings were valued at 3.49 billion yuan (US$485.82 million), up 1.3 percent.

By the end of June, the insurance firms in the city had provided life and accident insurance valued at 2.1 trillion yuan (US$258.94 billion) for 8.05 million people, and property and risk insurance of 3.3 trillion yuan (US$406.91 billion) for large projects such as the Olympic Games, in addition to 1.55 million enterprises, public institutions or households.

It is reported that during the January-June period, the insurance companies paid disbursements of various kinds worth 3.59 billion yuan (US$442.66 million).

By the end of June, there were 15 insurance companies (including four foreign-funded ones) with headquarters in Beijing.

Thirty-four insurance companies established branches in Beijing, including 11 for assets insurance, 20 for life insurance (including 10 foreign-funded ones), two foreign-funded branches for reinsurance business and one business office run by a policy insurance company.

The department said that, so far, the city has 210 insurance intermediary organs and more than 5,300 agencies with a total workforce of more than 51,000 people.



 
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