In­sur­ance Boom

ChinAfrica - - Business Numbers -

China's in­sur­ance sec­tor will con­tinue to im­prove to meet the de­mand from the swelling mid­dle class and an ag­ing pop­u­la­tion, the top in­sur­ance reg­u­la­tor said at a fo­rum in Shang­hai on June 12. The in­dus­try saw its best per­for­mance in 2015 since the global fi­nan­cial cri­sis, with pre­mium in­come reach­ing 2.4 tril­lion yuan ($366 bil­lion), said Xiang Junbo, Chair­man of China In­sur­ance Reg­u­la­tory Com­mis­sion. Prof­its rose to 282.4 bil­lion yuan ($43 bil­lion) on top of 12.4 tril­lion yuan ($1.9 tril­lion) as­sets for the en­tire in­sur­ance sec­tor last year, Xiang said. has promised tar­geted mea­sures to fix the prob­lems. China’s pri­vate sec­tor con­trib­utes 60 per­cent of the GDP, 80 per­cent of jobs, over half of tax rev­enue and 46 per­cent of ex­ports.

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