CHINAUS AFRICAASIA 中文双语Français
Home / Motoring

Internet auto insurance posts 13% growth year-on-year

By Chen Meiling | chinadaily.com.cn | Updated: 2018-05-24 10:48
Customers choose vehicles at a used car market in Dalian, Liaoning province, where all used cars outside the province should pass a quality inspection. [Photo by Liu Debin/For China Daily]

Chinese internet auto insurance warmed up in the first quarter of 2018 after a 24-month of drop from 2016 to 2017 due to tightened regulation, data showed.

Income of internet auto insurance reached about 8.4 billion yuan ($1.31 billion) from January to March, up 13.17 percent year-on-year, according to a report released by the Insurance Association of China.

The China Insurance Regulatory Commission released policies to improve regulation of auto insurance market in July 2017, leading to shrinkage of the online business.

The Insurance Association of China said that was because car insurance products sold on the internet lost their advantage in low price. Besides, under the rule, all information should be open to the public, which to some extent limited its marketing.

Auto used to occupy the major part of internet insurance. In the first quarter, its income contributed 58.16 percent to the whole internet insurance business, down 9.11 percentage points than that of 2017.

Meanwhile, the non-auto internet insurance surged 67.33 percent year-on-year to surpass 6 billion yuan. The growth rate decreased 25.79 percentage points, showing the heat cooled down a bit during the period, according to the association.

Among all non-auto internet insurance, accidental health insurance, back freight insurance and credit guarantee insurance showed the most significant growth.

Gross income of Chinese internet property insurance increased 30.9 percent to reach over 14.4 billion yuan from January to March.

Officials said insurers need to innovate in products and services to provide more solutions to clients to generate new business growth engine.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US