Insurance market in the national capital rebounded by a big margin last year with its gross premium earnings of Beijing's insurance companies reaching 49.8 billion yuan (US$6.2 billion), a rising of 78.4 percent over 2004.

 

The municipal insurance regulatory commission, however, noted that some adjustments in the insurance product structure brought about a minor shrinking of Beijing's insurance market in 2004, said Zhu Yi, deputy head of the commission.

 

"The market structure adjustment began to be effective in the latter half of 2005 and give rise to a soaring market in Beijing," Zhu acknowledged.

 

The official noted that life insurance played a dominant role in the city's insurance market with the premium reaching 43.1 billion yuan (US$5.4 billion) last year, doubling the figure for 2004.

 

By the end of 2005, Beijing currently has 44 insurance companies, including 13 firms founded last year.

 

(Xinhua News Agency January 24, 2006)