Life insurance business declines significantly in 2018
According to the latest data, premium income for personal insurance was 1.63 billion yuan, an 8.5% decrease from a year earlier
Over the first half of 2018, the insurance industry recorded an original insurance premium income of 2,236.94 billion yuan, a decrease of 3.33% from a year earlier, Yicai.com reported.
Of that amount, the premium income for personal insurance was 1.63 billion yuan, an 8.5% decrease from a year earlier, according to the latest data released by the China Banking and Insurance Regulatory Commission.
It is worth noting that the life insurance business has declined significantly.
Among the three major types of personal insurance, except for life insurance which saw a year-on-year decrease of 12.15% in premium income, both health insurance and accidental injury insurance have witnessed a 15.44% and 18.23% increase respectively.
Insurance regulators have successively issued several documents to reshape the life insurance market since last year. In addition, the sluggish capital market has also affected insurance demand, which has an impact on insurance income and investments.