Banks Reap CNY11.5bn Commission Charges on Bancassurance

Banks reaped CNY 11.564 billion bancassurance charges in the first nine months of 2010, according to the quarterly insurance intermediary report released by China Insurance Regulatory Commission on December 18.

There were 2,546 specialist insurance intermediaries, 199,000 part-time insurance agencies and over 3.15 million insurance salespersons as of September 30. Premiums that insurers obtained through these intermediaries totaled CNY 92.328 million, representing a year-on-year growth of 26.92%, which accounted for 81.53% of the nationwide total.

Particularly, the part-time insurance agencies collected CNY 478.983 billion premiums in the first three quarters, up 44.36% from the same period of last year. These premiums covered 42.29% weight of the total, up 3.62% year on year. The premiums achieved through banks were CNY 320.238 billion, or 52.57% of the total through part-time insurance agencies. China postal offices achieved CNY 71.651 billion premiums, or 14.96%.

Meanwhile, the part-time insurance agencies got CNY 21.996 billion commission charges, up 38.9% year on year. Banks reaped CNY 11.564 billion commission charges, or 52.57% of the total, on bancassurance products, and postal offices got CNY 2.491 billion, or 11.32% of the total.