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Guangdong Leads Nation for Insurance Revenue
South China’s Guangdong Province, one of the economic powerhouses of south China, amassed 19.48 billion yuan in insurance premium revenue last year, accounting for about 10 percent of the national total.

The province is top in the country by volume, not including that from Shenzhen, one of China's five special economic zones, for 18 years running, said sources from Guangzhou Office of China Insurance Regulatory Commission.

Per capita share of insurance premiums averaged at 249.06 yuan (about 30 U.S. dollars), much higher than the national average of 80.26 yuan (about 9.7 U.S. dollars), said the sources.

The economic boom in this southern Chinese province has turned insurance into a "sunrise" business, increasing local awareness of insurance policies.

Guangdong is home to 14 insurance companies, 708 insurance company branches, over 8,000 insurance agent organizations, with 64,000 employees or agents. Another 19 overseas insurance companies have opened representative offices in Guangzhou, capital of the province.

Of last year's insurance premium revenue, 7.49 billion yuan (about 902 million U.S. dollars) was paid against potential property risks and 11.99 billion yuan (1.45 billion U.S. dollars) against life and accident cover.

Industry experts predict that in the wake of China's entry into the World Trade Organization, China will become the world's most active region for insurance business, and domestic and overseas insurers will face fierce competition.

(Xinhua News Agency April 10, 2002)

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