The Chinese regulatory authority (CBIRC) has published its insurance market results for the first half of 2020.
The life premiums amounted to 2 000 billion CNY (282 billion USD) as of 30 June 2020: a 6% increase compared to the same period last year.
The life assets were established at 18 600 billion CNY (2 627 billion USD), increasing by 6.6% in comparison with 30 June 2019. Due to the Covid-19 crisis, the Chinese life insurers decided to adapt their products to the new market requirements, thus increasing their revenues.
The Non-life class of business achieved a 7.6% growth with premium income set at 721.7 billion CNY (102 billion USD). The incurred losses reached 335.39 billion CNY (47.36 billion USD), increasing by 3.5% in comparison with the first half of 2019.
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