Chinese insurance intermediary institutions posted a combined premium income of 5.32 billion yuan (about US$665 million) in the first quarter of the year, a 28 percent rise from the same period last year, industry regulator said.

 

The China Insurance Regulatory Commission said the insurance agencies and brokers represent a premium income of 2.69 billion yuan (US$336 million) and 2.63 billion yuan (US$329 million) respectively, up 53 percent and 11 percent.

 

The official statistics show the insurance intermediary institutions contribute 3.32 percent of the total premium of 160.15 billion yuan (about US$20 billion), far smaller than their counterparts in the United States and European countries which reaped over 70 percent of the total premium.

 

China has 1,849 registered insurance intermediary institutions, including 1349 agencies, 275 brokers and 225 insurance surveyors and loss adjustors.

 

The regulator said there is a great potential for growth in the insurance intermediary market which acts as sales and service platforms for insurance companies.

 

(Xinhua News Agency May 8, 2006)