China’s insurance assets climb to US$2.73 trillion

February 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.

 

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