China News Service, Wuhan, December 6 (Reporter Wang Enbo) Xing Wei, President of the Insurance Industry Association of China, said in Wuhan on the 6th that it is initially estimated that China’s premium income will be around 4.5 trillion yuan (RMB, the same below) at the end of the 13th Five-Year Plan period. , Complete the planning goal.
He also revealed that during the "Thirteenth Five-Year Plan" period, China's premium income increased by about 13% annually, and the total insurance assets increased by about 12% annually, providing risk protection for the whole society by about four times.
The Insurance Industry Association of China and the Wuhan Municipal People's Government co-hosted the China Insurance Innovation and Development Conference that day, Xing Wei said at the meeting.
According to him, in recent years, China's insurance industry has given full play to its guarantee function, served the country's major strategies, supported epidemic prevention and control, and resumed work and production, maintaining a steady and positive development trend.
From January to October this year, the insurance industry’s original premium income was 396.83 billion yuan, providing risk protection for the entire society with 7348.5 trillion yuan and compensation expenditures of 1,108.18 billion yuan. The protection function has been continuously enhanced.
As of the end of September, the balance of use of insurance funds reached 20,706.19 billion yuan, an increase of 85% over the beginning of the "13th Five-Year Plan" period, and the service capabilities have been continuously improved.
In terms of risk prevention, at the end of the third quarter, China's 178 insurance companies had an average comprehensive solvency adequacy ratio of 242.5% and an average core solvency adequacy ratio of 230.5%. The industry as a whole was operating smoothly and risks were generally controllable.
In addition, from January to October this year, the foreign-funded insurance market maintained a growth trend, achieving original insurance premium income of more than 300 billion yuan, a year-on-year increase of 19.4%.
Its market share reached 7.58%, an increase of 2.78 percentage points from the beginning of the 13th Five-Year Plan period.
Talking about the development path of China's insurance industry in the next five years, Xing Wei said that the insurance market will continue to grow steadily during the "14th Five-Year Plan" period, and it has a lot to do in serving the new development pattern of "dual cycles", serving the country's governance system and modernizing governance capabilities.
Especially in terms of serving the construction of a multi-pillar pension insurance system, serving the rural revitalization strategy, developing inclusive finance, and serving the construction of major national projects, the prospects are broad.
(Finish)