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Friday December 19 11:46 AM EST
China sets up insurance sales on Internet
BEIJING (Reuters) - China has launched a special Internet site for domestic insurers to make it possible for the country's fledgling underwriters to sell policies on-line, the Xinhua news agency said.
The Insurance Information Network was set up by the China Insurance Institute and Weixin Investment Consulting Co to help promote Chinese insurers and their services, Xinhua said in an overnight report.
"This will help improve the information exchange among insurers in China, and Chinese people's awareness about the importance of insurance in their lives", Xinhua quoted Chen Yuan, deputy governor of the People's Bank of China, as saying.
Sales of insurance policies in China had grown at an average of 26 percent a year between 1991 and 1995, but development of the industry had been hampered by difficulties in sharing information, Chen said.
China, which reopened its insurance industry in 1978, had about 20 domestic and foreign-funded insurers that sold a total of 600 kinds of insurance services, he said.
Xinhua Insurance (Life) Co sold the first insurance policy to be sold in China over the Internet immediately after the network opened, Xinhua said but gave no further details. |
