Liberty Insurance reports income growth in Q1

Liberty Insurance, a US property and casualty insurer, reported 14 percent growth in premium income in the first quarter in China, the company said in an e-mailed statement.

The insurer’s premium income hit 188.8 million yuan ($30.3 million) in the first three months of this year, making it the second-largest foreign player in China’s property and injury market.

The rapid growth, according to Wang Haidong, chief business service officer of Liberty Insurance, has contributed to the opening up of the compulsory third-party liability automobile insurance market

Last May, China opened up this market. The move allowed foreign insurers to provide a full range of auto-insurance products to clients. Before that, foreign insurers had to work with local partners.

China will see the biggest increase of primary insurance premiums worldwide until 2020, according to a study published by the world’s largest reinsurance company, Munich Re.

"China, India and Indonesia will be the top three growth countries in the property and the casualty insurance market, with an average growth of above 12 percent over the forecast period of 2012-2020," Munich Re Chief Economist Michael Menhart said.