China’s Guangdong Province Posts $1.2 Billion in 2004 Property Premium

January 19, 2005

A report from Beijing (through Yahoo’s news services) notes that China’s Guangdong Province collected property insurance premiums of about 10.1 billion yuan ($1.2 billion) in 2004, up 15 per cent year from the previous year.

The Guangdong Provincial Insurance Regulatory Bureau compiled the figures.

Total premium income within the province were more than 35.4 billion yuan ($4.21 billion), increasing by 15 per cent over 2003. According to the report the increase exceeded the average growth of the country as a whole for the first time since 1998.

Life premiums were 24.4 billion yuan ($2.9 billion), 15 per cent more than in 2003 and seven percentage points higher than the national average growth. Insurance claims paid out in the province hit 8.1 billion yuan ($963 million) in 2004.

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