Insurance industry in China broke $1.18 trillion last year

China Life Insurance industry

China Life Insurance industryThe total assets within that country for that sector rose by 22.3 percent last year.

According to data from the China Insurance Regulatory Commission, the total assets of the insurance industry in the country rose last year by 22.3 percent.

The assets in 2012 increased to the point that they reached $1.18 trillion.

This is the equivalent to 7.36 trillian yuan worth of assets in the Chinese insurance industry. The achievement that has just been announced represents the first time that the sector in the country broke the CNY 7 trillion ($1.12 trillion) mark. The announcement was first reported through official news sources.

The insurance industry in China also reported that there was a premium income rise by 8 percent.

By increasing 8 percent, the insurance industry achieved a total premium income of CNY 1.55 trillion (which is about $248.78 billion). The reason is that there were increases in many different types of businesses and products.

For example, the property insurance industry sector saw premiums rise by 15.4 percent, bringing them to $85.56 billion (CNY 533.1 billion). Furthermore, among the top three non-life insurers in the country, each saw growth rates in the premiums that that they collected which were in the double digits.

The non-life insurance branch of PICC saw its own increase of 11.3 percent to its premium volume. This brought the volume to CNY 193 billion (which is approximately $30.98 billion). Equally, Ping An announced that its non-life insurance industry premium volume growth was approximately 18.6 percent. It was an increase that brought in CNY 98.8 billion ($15.86 billion). Pacific Insurance P&C experienced a growth in their premiums volume of 13 percent, which was a rise to CNY 69.6 billion ($11.17 billion).

Back in 2011, the life insurance industry premiums in the country fell by 1.8 percent. Swiss Re reported that the decline was caused in part by the changes that occurred in 2011 which held back the sales from bancassurance. Since then, there has clearly been a considerable turnaround that has allowed insurers to experience a far more positive environment. It presents a very promising picture for what can be expected in 2013.

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