Data from the China Insurance Regulatory Commission (CIRC) shows that 49 foreign insurance companies set up 132 branches in China in the first quarter this year.

An official with the CIRC revealed that foreign insurers have seen a sharp growth in China with the revenue from the premium having risen to about 26 billion yuan ($3.25billion) as of 2006, from 3.3 billion yuan ($412.5million) in 2001.

The official said the administration will continue to boost the opening-up policy in the sector, and introduce foreign underwriters into the domestic endowment and liability insurance markets, in addition to the services covering medicare and agriculture insurance.

The CIRC will also help foreign insurers to trade in the country’s western regions, he added.