Premium income drops 2.4%

Source: Xinhua | 2018-09-12

Chinese insurers saw premium income drop 2.4 percent year on year to 2.47 trillion yuan (US$360 billion) in the first seven months of 2018, according to official data.

The drop slightly narrowed from the 3.3-percent fall seen in the first half of the year.

Indemnities paid by insurers totaled 692.3 billion yuan in the first seven months, up 5.1 percent year on year, data from the China Banking and Insurance Regulatory Commission showed.

Total assets of the insurance industry were 17.7 trillion yuan at the end of July, up 5.4 percent from the start of the year. Outstanding investment by insurers reached 15.7 trillion yuan.

Authorities moved to tighten the insurance sector last year as they put a priority on preventing systemic financial risks.