Sustained growth of motor insurance in 2012

Chinese non-life insurance will witness an important growth in 2012 thanks to the motor class of business. The number of vehicles sold on the market is estimated at 20 million units in 2012, that is, an 8% increase in comparison with 2011. Motor insurance accounts for 75% of the non-life premiums volume. Experts are also expecting that the reforms of the pricing system and the opening of motor insurance to foreign actors would boost the business. In 2011, car sales have progressed by 2.45% in comparison with 2010 while motor premiums soared by 16.66% at 55.6 billion USD.