China world’s third largest insurance market

Beijing, Feb 8 (IANS) China became the world’s third largest insurance market in 2015, with insurance premiums surging in the past five years, according to the China Insurance Regulatory Commission (CIRC).

With an annual growth rate of 13.4 percent, insurance premiums increased from 1.3 trillion yuan (about $197.9 million) in 2010 to 2.4 trillion yuan in 2015, Xinhua cited CIRC data as showing.

With the expanding insurance market in the world’s second largest economy, total assets of the whole insurance industry in China more than doubled from 5 trillion yuan in 2010 to 12 trillion yuan in 2015.

Experts attribute the performance of the industry to China’s growing economy and the people’s improving living standards.

On the back of such a booming market, insurance companies have experienced bumper years in the country.

The profits of the whole insurance sector totalled 282.4 billion yuan in 2015, compared to just 83.7 billion yuan in 2010 when China was home to the world’s sixth largest insurance market, CIRC data showed.

In 2015, China contributed 26 percent of the growth of global insurance market.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here