China property insurance premiums hit 1.5 trln yuan-Xinhua

China property insurance premiums hit 1.5 trln yuan

Source: Xinhua

Editor: huaxia

2023-02-25 13:58:45

BEIJING, Feb. 25 (Xinhua) -- China's property insurance sector maintained stable growth in 2022, data from the China Banking and Insurance Regulatory Commission showed.

The property insurers' premiums jumped to 1.5 trillion yuan (about 217.6 billion U.S. dollars) in 2022, up 8.7 percent year on year, while their payouts increased by 2.6 percent from a year ago to stand at 907.82 billion yuan, the data showed.

By the end of 2022, the total assets of the property insurance sector reached 2.7 trillion yuan, up 9 percent year on year.

The commission said it will guide the property insurance industry to continue deepening reforms and actively developing insurance varieties, including green insurance, climate insurance, cyber security insurance and new-energy insurance, in order to strongly support the real economy.