China insurers reports loss on rising reimbursements of traffic insurance
August 21st, 2010
China’s insurers felt the side effect of the country’s booming auto market — with operating losses totaling 2.9 billion yuan (427 million U.S. dollars) in 2009.
Insurance Association of China said here Friday that its 30 member insurance companies that are engaged in traffic compulsory insurance business underwrote 85.02 million units of vehicles in 2009, up 23 percent from a year ago.
Total compulsory insurance premiums rose 21 percent year on year to 66.8 billion yuan (9.84 …