China's insurance industry saw rapid growth in 2004, with premiums up 11.3% on 2003, to US$52bn, and total assets held by insurance companies up nearly 30%, to US$142bn. According to the China Insurance Regulatory Commission, 2004 also saw the most profitable year to date for Chinese insurers, although no details were given. It said foreign insurers operating in China had seen even faster growth, with premiums surging by an annualized 45.7%, to US$1.2bn, or 2.3% of total premiums. It said the 37 foreign insurers in China accounted for 15.3% market share in Shanghai and 8.2% in Guangzhou.
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