China's non-life insurance market may see its premium income fall this year, due to the slowdown in the economy, said Sun Jianping, CEO of Ping An Property & Casualty Insurance Company.
"But we believe our market share is expected to continue to grow this year," Sun said on Wednesday.
According to the annual report of Ping An Insurance, the non-life insurance unit received 83.7 billion yuan ($13.3 billion) last year, up 33.9 percent from the same period in 2010.
Its net profit grew 28.8 percent year-on-year to 3.86 billion yuan in 2011. And its market share climbed 2 percentage points to 17.4 percent, making it the second-largest player in China’s non-life insurance market.
The growth in both premium income and market share, Sun said, has boosted the company’s already strong efforts to improve service for clients. The company, for example, just improved its claim service by shortening the payment period and simplifying the list of materials required.
Though China will let foreign companies compete in its market for compulsory third-party liability automobile insurance, Sun said the move is not likely to change the market format.
"It is a win-win move for both local and international insurers, as it will help improve local insurers' products and services," said Sun.
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