The income of China's motor insurance premium reached 70.6 billion yuan (8.8 billion U.S. dollars) in the first eight months this year, up 18.9 percent over the same period of 2005, according to figures of the China Insurance Regulatory Commission.
Official figures show the motor insurance premium income accounted for 67.7 percent of total non-life insurance industry, and the compulsory motor insurance premium income was 8.09 percent of the total motor insurance business.
The country's top insurance regulator published a new policy this year to require owners of China's 130 million motor vehicles, including cars, motorcycles and tractors, to buy compulsory motor insurance from July 1.
Experts said on the first forum of China's motor insurance industry chain development held here Sunday that the production value of China's automotive industry, accounting for about 20 percent of the total industrial sector, has become an area with the biggest growth potential.
Motor insurance is expected to play a decisive role in the country's non-life insurance industry in a rather long period.
And the motor insurance sector should work at building a complete industry chain based on motor insurance and linked with various parties ranging from auto manufacturers, dealers, agencies and intermediaries to insurance surveyors and loss adjusters, law firms and car repairers, insiders say. Enditem
http://www.guoxinb2b.com