Qingdao’s aggregate insurance premium income rose 26.5 percent year on year to 24.15 billion yuan in the first half of this year, ranking ninth among the 36 Chinese jurisdictions where China Insurance Regulatory Commission (CIRC) has set up branches, according to a report released by CIRC’s Qingdao Bureau.
Premium incomes earned by the city’s thirty-four property and casualty insurers and thirty-one life insurers registered 5.44 billion yuan, up 13.7%, and 18.71 billion yuan, up 30.8%, respectively.
The insurance industry provided 1.1 trillion yuan in risk guarantee in the same period, of which 3.7 trillion was for property and casualty insurance and 7.3 for life insurance.
The insurance industry has also boosted local economic growth and played a positive role in the shift from old to new economic growth drivers. For example, the premium income of bonding insurance, one of the types of insurance that support the real economy, reached 247 million yuan, with a growth rate of 75.04 percent. The total premium income of project insurance was 62 million yuan, up 126.76%.