Insurance sector recorded 5.6% growth in Q1, says NBS

The insurance sector grew by 5.6 percent in the first quarter of 2020 financial period, according to the latest statistics from the National Bureau of Statistics on the 2020 Q1 Gross Domestic Product report.
 
Part of the report read, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 87.02 percent and 12.98 percent of the sector respectively in real terms in Q1 2020.
 
"As a whole, the sector grew at 23.96 percent in nominal terms (year-on-year), with the growth rate of financial institutions as 27.26 percent and 5.64 percent growth rate recorded for insurance.
 
"The sector growth rate was higher than what was recorded in Q1 2019 by 27.92 percent points and 0.63 percent points higher than the preceding quarter…
 
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