China’s insurance assets climb to US$2.73 trillionFebruary 11 2019 by Andrew Tjaardstra
The aggregate assets of China’s insurance market climbed by 9.5% last year to reach Rmb18.3 trillion (US$2.73 trillion).
The assets will help support China’s wider economy as it faces a slowdown in the property and car markets and continues its protracted trade war with the US.
Combined premium income in the market totalled Rmb3.8 trillion in 2018, up 3.9% year on year, while claims payouts rose by 10% to Rmb1.23 trillion year on year.
In 2018, the market registered Rmb6.89 trillion in the total amount insured, up 66% from the previous year, according to data from the China Banking and Insurance Regulatory Commission.
Of the figure, the amount covered by accident insurances hit Rmb3.8 trillion, up 32.8% from the previous year, while that by liability insurance including health more than tripled to Rmb86 trillion.
Combined premium income in the market totalled Rmb3.8 trillion in 2018, up 3.9% year on year. Compensation expenses rose by 10% to Rmb1.23 trillion year on year.
Meanwhile the Insurance Asset Management Association of China is planning to establish an evaluation database covering equity-related products. The association wants to assess equity investment plans and insurance private equity funds.
The moves follows a call to insurers to invest in stocks and bonds of high-quality listed companies to support listed firms and the wider stockmarket.
- February 8
High levels of volatility, as seen at the end of last year, would mean more bad news for insurers’ investment books.
- December 27
Insurer signs agreement to promote training and data in the Chinese city.
- December 5
Overseas acquisitions will continue next year as part of an effort to diversify from the saturated domestic market.
- November 23
Troubled Chinese insurer is seeking to sell Strategic Hotels & Resorts.