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Macro-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.

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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, [email protected])

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