BEIJING, Dec. 7 (Xinhua) -- China's insurance sector is estimated to see its total premium income hit about 4.5 trillion yuan in the 13th Five-Year Plan period (2016-2020), with the average annual growth of 13 pct during the period, said Xing Wei, president of Insurance Association of China, at China Insurance Innovation and Development Conference held in central China's Wuhan city on Sunday.
By the end of September, the balance of insurance assets in China totaled 20.71 trillion yuan, a surge of 85 percent from the beginning of the 13th Five-Year Plan period, according to Xing.
Besides, 178 insurance companies posted an average comprehensive solvency ratio of 242.5 percent by the end of September, Xing noted.
In the first ten months of this year, foreign-owned insurers saw their original premium income exceed 300 billion yuan, rising 19.4 percent year on year, which was up 2.78 percentage points from the beginning of the 13th Five-Year Plan period.
Xing expected that China's insurance sector is set to maintain steady growth during the 14th Five-Year Plan period (2021-2024).(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
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