China's online property insurance premiums surge 30.9% to $2.26b in Q1

The quarterly growth reverses a slight decline registered last year.

China's online property insurance premiums rose 30.9% YoY to $2.26b (CNY14.46b) in Q1 in a move that reverses a slight decline last year, reported state media Xinhua News Agency which cited data from the Insurance Association of China.

Also read: China's insurers remain flush with money

Auto insurance premiums, which accounted for over half (58.16%) of the total premiums, grew by 13.17%, whilst premiums from non-auto insurance sales online similarly climbed 41.84%.

Accident and health insurance and return shipping insurance were among the most popular products.

A growing number of consumers also bought insurance products via mobile terminals such as apps and third-party platforms, rather than insurers' websites, a win for online-only insurance company Zhong An which made its public debut last September.

China zoomed past Japan as the world’s second largest insurance market in 2016 as a growing middle class population and strong government support has buoyed business growth over the past six years, according to a report from multinational reinsurance company Gen Re.

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