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CHINA'S INSURANCE INDUSTRY CONTINUES TO OUTGROW GDP.
BEIJING, Oct 1 Asia Pulse - The insurance industry is expected to slightly outgrow GDP in China in the coming years, underpinned by fast economic growth and current low level of per capita spending on insurance premiums.
Research statistics show that China's per capita premium spending on life and property insurance stood at US$30.5 and US$15.8 respectively in 2005, far lower than the global average of 299.5 and US$219.0 respectively.
The 11th Five-Year Program (2006-2010) for the insurance industry has put forward the goal of realizing annual premium revenue of one trillion yuan (US$133 billion) and lifting the assets managed by insurance companies to over 5 trillion yuan by 2010.
Yan Jianjun, a researcher with the Insurance and Economic Development Research Center under the Chinese Academy of Social Sciences, said that China's life insurance industry has embarked on a rising cycle. He ...
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Source: HighBeam Research, CHINA'S INSURANCE INDUSTRY CONTINUES TO OUTGROW GDP.