China's insurance industry, a focus for both home and abroad, maintained huge growth momentum during its first full year after the WTO entry in December 2001.
Premium income totaled 305.3 billion yuan (US$38 billion) in 2002, up 44.7 percent over the previous year and topping the last few years. The income from life insurance premiums rose 59.8 percent and the overall assets of insurance companies grew 41.4 percent over the previous year, according to the latest statistics from an annual insurance working meeting which kicked off in Beijing Friday.
The pace of insurance reform was remarkably faster than before. The reform of the People's Insurance Company of China (PICC) and the China Life Insurance Company was approved by the State Council. Three insurance companies -- Ping An, Huatai and Pacific -- introduced overseas strategic investment. The premium income from participating policies made up 49.3 percent of life premiums. The premiums from bank agents became one of the most important selling channels of life insurance.
The first year after China's entry into the WTO saw the fastest growth of the insurance industry. Six foreign insurance companies were approved to enter China, and 16 foreign insurance institutions started operation.
Meanwhile, the China Insurance Regulatory Commission (CIRC) canceled 58 items of its examination and approval procedure as well as helped promote competition by reforming auto insurance policies and aviation accidental insurance policies, said Wu Dingfu, chairman of CIRC.
(Xinhua News Agency January 25, 2003)
