China’s insurance sector posted an uptick of 7.6% in total assets, according to the latest data from the nation’s monetary regulator.
In total, the sector amounted to CNY29.2 trillion (US$4.06 trillion) at the end of the second quarter, as per data collected by the National Financial Regulatory Administration.
In a report from Xinhua, the assets of property insurers saw a growth of 7.8%, amounting to CNY2.9 trillion. Life insurance, meanwhile, rose by 7.1% to post CNY25 trillion. The sector is seeing a lot of movement after the border reopening between the nation and its Hong Kong and Greater Bay Area neighbours earlier this year.
Meanwhile, reinsurance and insurance asset management firms also saw robust growth, as both posted 10.3% and 3.5% upticks, respectively.
Despite the positive results, the recent natural disasters that hit the country are yet to leave their mark; in total, insurers in China have paid out 145,000 of the 266,000 total claims in flood- and disaster-struck regions, totalling CNY2.54 billion.
What are your thoughts on this story? Please feel free to share your comments below.
