China H1 insurance premiums up 6.4%

Chinese insurance providers reported a 6.4% uptick in insurance premiums in the first half of 2009, state media reported. Chen Wenhui, assistant chairman of the China Insurance Regulatory Commission (CIRC), said the sector as a whole generated US$87.88 billion in premium revenues. Property insurance premiums rose 15.8% to US$23 billion, while life insurance premiums rose by 3.3% to US$64 billion. Life insurance companies have recorded US$1.7 billion in net profits so far this year, he said. Chen also noted that micro-insurance pilot projects started by China Life are beginning to become more popular with low-income groups. Wan Feng, president of China Life said his firm has insured 6.03 million Chinese farmers, earning US$20.2 million in premiums since August 2008.