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Young property insurers stronger

By Dai Yan (chinadaily.com.cn)
Updated: 2006-11-08 09:23

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Some young property insurance companies saw rapid growth in terms of market shares in recent years, especially Anbang Property and Casualty Insurance Co, Sunshine Property, Casualty Insurance Co and China Continent Property and Casualty Insurance Co.

In 2003, PICC Property and Casualty Co Ltd, China Pacific Property Insurance Co Ltd and Ping An Property and Casualty Insurance Co Ltd were the three largest property insurers in China, followed by Huatai Insurance Co, Tianan Insurance Co, China United Property Insurance Co and Sinosafe Insurance Co.

According to statistics from the China Insurance Regulatory Commission, PICC Property accounted for 47 percent of the property insurance market in August 2006, decreasing from 51.5 percent in 2005 and 58.1 percent in 2004. The listed company emphasized quality and quit the high-risk commercial insurance business, which resulted in shrinking market shares.

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The full text is available in the November Issue ofChina Insurance.