China Insurance, Companies & Insurance Quote
Insurance in China is growing enormously in the recent few years such that the premium insurance revenues between 1999 and 2000 have grown by 14.5% to 159.59 billion RMB.
As per the Forbes rankings with respect to insurance in China the major forty large companies list includes two insurance providers in China in the top ten, Ping An Insurance and China Life Insurance.
Insurance sector status
The insurance sector status reveals 4.57 trillion yuan that is accounting to US$672 billion by July 2010. The premium revenue in the initial seven months totaled to 903.91billion yuan, out of that the personal insurance business accounted to 670.14billion yuan and property insurance business to 233.77billion yuan.
The income of personal insurance premiums are forecasted to increase during the period 2008 to 2012 at CAGR 24%, life insurance premiums income by 2012 is expected to grow at CAGR 25.5%. The property insurance premium at 21% CAGR for the same period is also forecasted.
China Pacific Insurance Co. Ltd is one of the insurance providers in China dealing with property and life insurance sectors. China Life Insurance is the sixth largest in China as per the Forbes ranking.
China Life Insurance in the 2006-2007 year end showed US$11.2 billion sales, US$1.2 billion profits, US $38.6 billion estimated market value and US $ 69.3 billion assets. The China Life Insurance was the 11th largest China insurance company in the globe.
This was registered in Beijing and in the same year got registered in New York and Hong Kong Stock Exchange. The 2003 year end China Life Insurance showed 48 million individuals and annuity products, group life insurance policies and long term insurance policies.
New China Life Insurance Co.Ltd is also a China insurance company specialized in joint-stock life insurance covering various insurance services. Insurance in China includes Taikang Life Insurance Company, American International Assurance Company and Guangzhou. Huatai Insurance Co.
The other companies handling insurance in China are Taiping Life Insurance Co Ltd and Generali China Life Insurance Company Limited.
Ping An Insurance is the tenth largest in China as per Forbes ranking. Ping has shown US$8.0 billion sales in the fiscal year 2006-2007 having US$524 million profits, US$16.9 billion estimated market value and US$39.6 billion assets value.