BUSINESS China's online personal insurance premiums up 12.2% in H1

BUSINESS

China's online personal insurance premiums up 12.2% in H1

Xinhua

14:39, August 18, 2020

With easier access to the internet, more and more Chinese consumers like to use online channels to research and buy insurance products. (Photo: Sipa)

BEIJING - China's online personal insurance market posted steady expansion in the first half of the year, with premiums rising 12.2 percent year-on-year, according to data from the Insurance Association of China.

Online personal insurance premiums totaled 139.44 billion yuan ($20 billion) during the period, with life insurance remaining the top source of income.

In breakdown, life insurance premiums reached 89.16 billion yuan, or 63.9 percent of the personal insurance's total, while annuity insurance premiums soared by 58.6 percent year-on-year to 28.32 billion yuan, ranking second in terms of income.

Health insurance premiums jumped by 60.1 percent year-on-year to 18.51 billion yuan.

With easier access to the internet, more and more Chinese consumers like to use online channels to research and buy insurance products. Due to the impact of COVID-19, online insurance services were preferred by consumers, according to the association.

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