China’s online property insurance premium shrinks 2.73% in H1

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China’s online property insurance premium was 37.11 billion yuan (about 5.43 billion U.S. dollars) in the first half of the year (H1), down 2.73 percent year on year, according to the Insurance Association of China.

The total number of insurance policies underwritten was 13.46 billion, up 5.53 percent year on year.

Of the total H1 premium, the online auto insurance premium stood at 11.17 billion yuan, down 24.34 percent year on year. The premium from non-auto insurance sales online hit 25.94 billion yuan, up 10.92 percent year on year.

The online short-term health insurance business has grown rapidly and become the largest type of insurance premium.

Due to the COVID-19 epidemic, consumers are paying more attention to health risks, and the premium of accidental health insurance reached 15.53 billion yuan in H1, up 35.76 percent year on year, according to the association. 

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