Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China becomes the world's 2nd largest life insurance market, CBIRC

October 11, 2018


Abstract : China became the world's second largest life insurance market in 2017, said Huang Hong, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), on Wednesday in Shenzhen City, south China's Guangdong Province.

1

BEIJING, Oct. 11 (Xinhua) -- China became the world's second largest life insurance market in 2017, said Huang Hong, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), on Wednesday in Shenzhen City, south China's Guangdong Province.

Great development has been achieved in China’s life insurance industry since the reform and opening-up, with Ping An Insurance (Group) Company of China Ltd. (PAIC) and China Life Insurance Company Ltd. (CLIC) entering the top 10 of the world insurers in 2017, Huang stated.

Huang also noted that China's life insurance industry has enhanced its ability to serve economic and social development since 2017, providing 1,118 trillion yuan of risk guarantee for the whole society. The critical ill insurance covered 1.06 billion urban and rural residents last year.

“However, great improvement space still exists in the quality of life insurance industry,” said Huang, adding that efforts should be made in strengthening innovation and shifting the development mode from manpower-driven to technology-driven.

Furthermore, all systems and mechanisms should be completed in a quicker way so as to consolidate the development foundation and increase management efficiency, including improving company governance mechanism, internal coordination mechanism and risk management mechanism, Huang noted. (Edited by Gu Shanshan, Zhang Yuan, zhangyuan11@xinhua.org)

Scan the QR code and push it to your mobile phone

Keyword: China-insurance

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial