The China National Financial Regulatory Administration (CNFRA), the agency tasked with ensuring the stability and compliance of China’s financial sector, has released its supervisory statistics for the first quarter of 2024, revealing substantial growth in both insurance premiums and the issuance of new policies.
By the close of Q1 2024, Chinese insurance companies reported a primary insurance premium income of RMB 2.2 trillion (USD 303 billion), marking a 5.1 percent increase compared to the same period last year.
Insurance claims and benefit payments amounted to RMB 735.2 billion (USD 101 billion), representing a significant 47.8 percent year-on-year increase. Moreover, 20.6 billion new insurance policies were issued, a 30.1 percent surge from the previous year’s first quarter.
As of the end of Q1 2024, the total assets of Chinese insurance companies reached RMB 32.9 trillion (USD 4.6 trillion), reflecting an increase of RMB 1.4 trillion (USD 193 billion) or 10.4 percent since the beginning of the year.
Breaking down these figures, property and casualty insurance companies held assets worth RMB 2.9 trillion (USD 400 billion), up by 4.4 percent. Personal insurance companies’ assets rose by 4.4 percent to RMB 28.6 trillion (USD 4 trillion). Reinsurance companies’ assets increased by 3.8 percent, reaching RMB 775.1 billion (USD 107 billion). Additionally, insurance asset management companies saw a 14.9 percent increase in assets, totaling RMB 120.9 billion (USD 16 billion).
At the end of Q1 2024, the comprehensive solvency ratio for the insurance sector was 195.6 percent, with a core solvency ratio of 130.3 percent.
Detailed solvency ratios for specific sectors were as follows: the comprehensive solvency ratio for property and casualty insurance companies was 234.1 percent, for personal insurance companies, 186.2 percent, and for reinsurance companies, 264.4 percent. The core solvency ratios for these categories stood at 206.3 percent, 113.5 percent, and 229.1 percent, respectively.
These statistics underscore a robust growth trajectory in China’s insurance sector, reflecting the increasing demand and financial stability within the industry.
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