|
Insurance premium breakdown
RMB million
| |
2004 |
2005 |
| Property |
108.98 |
122.98 |
| Life |
322.82 |
369.74 |
| Unforeseen |
11.71 |
14.09 |
| Health |
25.99 |
31.23 |
| Life |
285-13 |
324.43 |
| Total |
431.18 |
492.73 |
Insurance claims & payment
| |
2004 |
2005 |
| Property |
56.75 |
67.17 |
| Life |
43.69 |
45.79 |
| Unforeseen |
39.42 |
43.51 |
| Health |
8.91 |
10.79 |
| Life |
30.84 |
30.65 |
| Total |
100.44 |
112.97 |
- China ’s gross insurance assets exceeded US$ 187.5 billion in 2005.
Source: Insurance Department of Fudan University, http://nevjs.xinhuanet.com/engiish/2006-07/21/contenL4864725.htm
- China 's premium revenue was US$ 61.59 billion U.S. dollars in 2005.
- Agricultural insurance premium rate is between 2 and 15% of the insured amount, while that of ordinary commercial insurance is 1%.
- China has six insurance companies that offer agricultural insurance.I
- Agricultural insurance premiums exceeded RMB600 million for the first half of 2006.
- With subsidies from the Chinese government, agricultural insurance premiums are estimated to reach RMB2 billion in 2008.
Domestic life insurers, 2005
US$ billion
| |
|
Premium |
| 1 |
China Life insurance Company |
20.09 |
| 2 |
Ping An Life Insurance |
7.36 |
| 3 |
China Pacific Life Insurance |
4.53 |
| 4 |
China Life Insurance Group |
3.14 |
| 5 |
New China Life |
2.63 |
| 6 |
CITIC-Prudential Life Insurance |
2.23 |
| 7 |
Taiping Life |
0.98 |
| 8 |
Sino-Life Insurance |
0.40 |
| 9 |
Mingsheng Life |
0.08 |
| 10 |
Union Life |
0.07 |
Foreign-Sino JV life insurers, 2005
US$ million
| |
|
Premium |
| 1 |
General China Life Insurance |
2,497.43 |
| 2 |
AIA |
805.60 |
| 3 |
Citic Prudential Life Insurance |
129.61 |
| 4 |
AVIVA-COFCO Life Insurance |
111.06 |
| 5 |
Pacific-Antai Life Insurance |
89.01 |
| 6 |
Manulife-Sinochem |
87.78 |
| 7 |
AXA-Minmetals Assurance |
36.83 |
| 8 |
Alliance Dazhong |
36.26 |
| 9 |
AEGON-CNOOC |
33.78 |
| 10 |
Sunlife Everbright |
32.09 |
- 27 of the 46 insurance companies included by the Fortune’s list of the world's top 500 firms have opened business entities in China.
english/2006-07/21/content 4864725.htm
- China has 82 insurance companies.
english/2006-07/21/content 4864725.htm
- 40 of China's insurance companies in China are financed by overseas investors.
english/2006-07/21/content 4864725.htm
Foreign insurance companies, 2004
|
% of stake held
|
| AIA Shanghai |
100 |
| AlAGuangzhou |
100 |
| AlAShenzhen |
100 |
| AlABeijing |
100 |
| AlASuzhou |
100 |
| Tokyo Marine & Fire Insurance Company |
100 |
| AIU Insurance Company Shanghai Branch |
100 |
| AIU Insurance Company Guangzhou Branch |
100 |
| AIU Insurance Company Shenzhen Branch |
100 |
| AIU Insurance Company Foshan Branch |
100 |
| Winterthur Insurance |
100 |
| Royal Sun Alliance |
100 |
| BOC Group Life Assurance Company |
100 |
| Federal Insurance Company |
100 |
| Manulife-Sinochem |
51 |
| Alliance China Life |
51 |
| AXA-Minmetals Assurance |
51 |
| China Pacific Insurance Company-ING |
50 |
| China Life-CMG Life Assurance |
50 |
| CITIC-Prudential Life Insurance |
50 |
| John Hancock Tianan Life Insurance |
50 |
| Generali China |
50 |
| Sun Life Everbright |
50 |
| Heng An Standard Life Insurance |
50 |
| Haier New York Life |
50 |
| CIGNA & CMC Life Insurance |
50 |
| AVIVA-COFCO |
50 |
| Nissay-SVA Life insurance |
50 |
| Sino French Life Insurance |
50 |
| Taiping Life |
49 |
| Taikang Life |
25 |
| New China Life |
25 |
| Sino Life Insurance |
25 |
| AEGON-CNOOC Life Insurance |
20 |
Source: China Insurance Regulatory Commission
Reinsurance companies in China
| Munich Re Group |
| Swiss Re Group |
| General Re Corporation |
| China Reinsurance Company |
| China Life Reinsurance |
Source: China Reinsurance Company (CRC)
Insurance penetration, 2005
Premiums as % GDP
|
|
Life
|
Non-life
|
Total
|
World ranking
|
| 2001 |
1-34 |
0.86 |
2.20
|
56 |
| 2002 |
2.03 |
0.96 |
2.98
|
^8 |
| 2003 |
2.30 |
1.03 |
3.33
|
44 |
| 2004 |
2.21 |
1.05 |
3.26
|
42 |
| 2005 |
1.78 |
0.92 |
2.70
|
53 |
Source: China Insurance Regulatory Commission
- China 's insurance business revenue has grown at annual rate of 25% in past five years.
Source: Insurance Department of Fudan University http://news.xinhuanet.comenglish/2006-07/21/content_4864725htm |
