BEIJING (XFN-ASIA) - Chinese insurers generated premium income of 915.05 bln yuan in the 11 months to November, up 42 pct year-on-year, said Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC).
Wu said at the annual national insurance meeting held over the weekend that property insurance premium income in the 11 months rose 17.5 pct year-on-year to 215.91 bln yuan, while life insurance premiums rose 51.8 pct to 699.14 bln yuan.
Payouts on insurance claims in the same period stood at 267.5 bln yuan, up 32.7 pct year-on-year.
He said that the industry paid 5.5 bln yuan and 1 bln yuan respectively for snowstorm and earthquake-related claims.
Outstanding investments were valued at 2.173 trln yuan at the end of November, up slightly from October's 2.163 trln yuan. About 86 pct of the total is invested in bank deposits and bonds, while about 11.7 pct is invested in stock and managed funds.
Investment profit in the first 11 months stood at over 93 bln yuan, down 66.7 pct from a year earlier. The industry made an investment gain of 279.17 bln yuan last year.
The insurance industry's assets totaled 3.292 trln yuan at the end of November, compared with 3.194 trln at end-October.
Wu said the insurance industry remained in good shape amid the economic slowdown but expects more challenges next year.
'The international financial crisis has not yet bottomed out, and its impact of the insurance industry could deepen,' he said.
He said the unstable international markets will make overseas investment more difficult, with investment targets limited and investment risk increasing.
In 2009, the CIRC will steadily expand pilot investment in infrastructure projects, particularly in the transportation, communications and natural resource sectors, he said.
He said that the CIRC will launch a pilot program for equity investment by insurers at an appropriate time, and is considering allowing insurers to invest in financial institutions, medical companies and other high-quality enterprises.
Meanwhile, the CIRC is also studying allowing insurers to invest in real estate markets, he said.
(1 usd= 6.85 yuan)
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