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Home >> Tibet Travel Guide >> Tibet Banking And Insurance

Tibet Banking And Insurance

Tibet BankingThe CPC Central Committee and the State Council held their fourth national conference on work in Tibet in June 2001. The conference decided to introduce a complete set of financial policies featuring more preferential treatment in Tibet. The Bank of China worked out measures for granting financial support to the region in 2001-2005. Facts prove that these measures are a boon for Tibet to achieve rapid progress.

At present, the Tibet Autonomous Region has initially formed a modern financial system, in which the People's Bank of China is the leader, the Agricultural Bank of China and the China Construction Bank are the mainstays, and other financial institutions play their own specialized roles. In the whole region, there are about 700 financial institutions at various levels, plus four insurance companies.

At the end of 2005, bank savings in Tibet reached 45.63 billion Yuan, an increase of 21.9 percent over the end of 2004. Of this, urban and rural residents' bank deposits rose 14.2 percent to 12.388 billion Yuan. The balance of Yuan and dollar deposits in the banks was 17.934 billion Yuan, a rise of 6.4 percent. Cash income of financial institutions was 52.096 billion Yuan, a fall of 1.5 percent; and cash expenditures 55.847 billion Yuan, a fall of 0.7 percent. Cash input reached 3.751 billion Yuan, 384 million Yuan more than 2004. In addition, in the 2001-2005 period, various branches of State-owned commercial banks implemented policies favorable to Tibet valued at 1.276 billion, which reduced the interest burden for borrowers. Facts prove the Central Government¡¯s policy helps boost social and economic development in Tibet.

Tibet insurance On July 2, 1987, the Tibet Branch of the People's Insurance Co. of China (PICC) was inaugurated. As Tibet features high mountains, dangerous roads and backward transport facilities, vehicle coverage and liability insurance take a big chunk in the region¡¯s insurance business. Other insurance services include business property insurance, cargo insurance, breeder¡¯s insurance, mountaineering insurance, and free of particular average (F.P.A.) geared for middle and primary school students.

In 2005, the premiums received by insurance companies in Tibet added up to 157 million Yuan, an increase of 9.4 percent over the previous year. This included 21 million Yuan for property insurance, a fall of 5.5 percent; and 9.08 million Yuan for accident injury insurance, an increase of 36.3 percent. In 2005, the insurance companies paid out 53.59 million Yuan.

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