INSURANCE | Staff Reporter, China

Chinese insurers premium income up 24% in January

Premium income hit $126.61b at the start of the year.

Chinese insurers witnessed strong gains at the start of the year as premium income surged 24.1% YoY to $126.61b (CNY850b) in January, data from the banking and insurance regulator show.

The headline figure reverses the 19.9% decline in insurance premium in January 2018 where insurers were hard hit by a regulatory crackdown on risky products.

Also read: China to launch national medical insurance by 2019

Premium income from the property segment rose 13.9% YoY to $19.44b (CNY130.5b) from $17.06b (CNY114.5b).

The personal insurance segment also performed strongly in January as premium income rose 26.1% YoY to $107.18b (CNY719.5b) with contributions from the health segment doubling. Premium income from the life and personal accident segment rose to $93.43b (CNY627.2b) and $1.86b (CNY12.5b) respectively.

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