China’s independent insurance agency and brokerage group CNinsure Inc. announced that “twelve of its affiliated insurance intermediary companies, including eight insurance agencies, one insurance brokerage and three insurance claims adjusters, were among China’s top 20 in their respective categories.”
The selections were reported in the Insurance Intermediary Market Development Report — 1st Half 2008, published by the China Insurance Regulatory Commission (CIRC) on July 30, 2008.
“According to the report, eight of CNinsure’s 28 affiliated insurance agencies ranked No. 1, No. 2, No. 6, No. 8, No. 14, No. 18, No. 19, and No. 20, respectively, among China’s top 20 insurance agencies in terms of revenues, with a combined market share of 13.03 percent in the first half of 2008.” This compares “with only 4 of its insurance agencies among the top 20 with 4.87 percent combined market share in the first half of 2007, and 7 among the top 20 with 11.26 percent combined market share in the first quarter of 2008.”
CNinsure also noted that one of its “five affiliated insurance brokerages ranked No. 17 among China’s top 20 insurance brokerages by revenue, with an approximately 1.34 percent market share for the same period.
“Noticeably, three insurance claims adjusters, which were recently acquired by CNinsure, ranked No. 2, No. 3 and No. 9, respectively, with a combined market share of 10.72 percent in the first half of 2008, as compared with their respective rankings of No. 4, No. 5 and No. 8, together accounting for 9.99 percent of the total revenue of all insurance claims adjusters, in the first quarter of 2008.”
The report also found that as of June 30, 2008, “there were a total of 2,381 professional insurance intermediary companies operating in China, including 1,781 insurance agencies, 333 insurance brokerages and 267 insurance claims adjusters,” said the bulletin. “The written premiums generated through independent insurance intermediaries were RMB21.68 billion [$3.168 billion], representing an increase of 39.58 percent over the same period of last year and accounting for 3.86 percent of the total written premiums generated.”
CNinsure’s Chairman and CEO Yinan Hu commented: “We are pleased that despite the impact of the Sichuan earthquake in May on some of our operations, our affiliated insurance intermediaries as a whole continued to deliver strong performance, further enhancing our status as a leading insurance intermediary in China. This reflects the vitality of China’s overall insurance industry, as well as the joint efforts of our sales agents and management in executing our growth strategies.”
Source: CNinsure Inc. – http://www.cninsure.net
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