Total insurance premiums in China in the first nine months of this year totaled CNY3.07trn ($440.6bn), showing flat growth of 0.67% compared to the corresponding period last year, according to statistics released yesterday by the CBIRC.
In contrast, the insurance industry grew at double-digit rates in January to September in the last five years.
For the first three quarters this year, non-life insurers reported premium income of CNY880.8bn, representing an increase of 12.68% over the corresponding period last year. Life insurers posted gross premiums of CNY2.19trn, which was a decline of 3.48%.
By major classes of business, the gross premiums generated by non-life insurers reached CNY800.3bn, an increase of 10.69%. Life insurance saw a fall of 7.6% in premiums to CNY1.7trn. Medical insurance premiums totalled CNY433.7bn, jumping by 21.0% while accident insurance raked in premiums of CNY83.1bn, growing by 18.1%.
In total, property and personal insurance companies paid out CNY912.9bn in compensation and benefits, which represented an increase of 9.6%.
Insurance companies reported invested funds of CNY15.9trn at 30 September, an increase of 6.4% from the start of the year. They had bank deposits of CNY2.3trn (14.4% of the total investment portfolio), bonds of CNY5.5trn (34.8%), stocks and funds of CNY2.1trn (13%) and other investments of CNY6trn (37.8%).
At 30 September, the industry had combined assets amounting to CNY17.9trn, up by 6.7% from the beginning of the year.