Reinsurance premiums from Chinese property and casualty insurers increased to $6.5 billion last year, a 67 percent rise since 2005, according to Aon Benfield. (AON)
The pace of growth is set to climb further as the China Insurance Regulatory Commission targets growth in premiums and plans to create a natural-disaster risk transfer program, Aon Benfield, the reinsurance unit of the world’s biggest insurance broker Aon Corp., said in a statement.
China represents about 4 percent of the world’s total insurance premiums at $226 billion for life and non-life, which has grown from 1 percent over the last decade, Aon Benfield said.
To contact the reporter on this story: Carolyn Bandel in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Frank Connelly at email@example.com