China: Insurance market grew 27.5% in 2016, fastest pace in 8 years
Source: Asia Insurance Review | Mar 2017
Insurance premiums in China last year grew at their fastest pace since 2008, driven by life insurance, according to CIRC data.
Life insurance premiums jumped 31.7% to CNY1.74 trillion (US$248 billion), while health insurance premiums soared 67.7% to CNY404.3 billion. Non-life premiums increased 9.1% to CNY872.5 billion. Total insurance premiums grew by 27.5% to CNY3.1 trillion.
However, Mr Duan Haizhou, a CIRC official, said that China’s insurance industry premium income is expected to grow at a slower pace this year due to tighter regulations, particularly on universal life products.
CIRC has tightened on stock investments by insurers to minimise risk. Mr Chen Wenhui, CIRC Vice Chairman, said last month that this year would be a “very difficult” one for the investment of insurance capital.
CIRC has vowed to return the industry to its core mission of providing long-term security and ramp up efforts to police the industry.