China insurance premiums see huge spurt

It is equal to US$371 billion

China insurance premiums see huge spurt

Insurance News

By Kenneth Araullo

China’s insurance premium income grew by 10.68% year-on-year in the first five months of 2023, as per a new report from the National Administration of Financial Regulation (NAFR).

Premium income in total reached around CNY2.68 trillion (US$371 billion) during the period from January to May. Meanwhile, the sector’s total assets now amount to CNY28.4 trillion (US$3.94 trillion).

As per a report from China Daily, the premium also represents a marked 4.5% increase from the beginning of the year.

The new figures come at a time of renewed vigour for both the mainland and its closest insurance neighbour, Hong Kong; China Life, the nation’s largest life insurer, has announced that it is exploring options to upgrade services for mainland clients as the sales market surged following the border reopening.

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