China News Service, Beijing, October 25 (Reporter Wang Enbo) The China Banking and Insurance Regulatory Commission released data on the 25th, showing that the original insurance premium income of China's property insurance industry increased from 553.01 billion yuan in 2012 to 1.4 trillion yuan in 2021 (RMB, below The same), with an average annual growth rate of 10.6%, becoming one of the fastest-growing and most dynamic industries in the national economy, and its business scale ranks second in the world.
While the business continued to develop rapidly, the market system of China's property and casualty insurance industry continued to improve, and the competition pattern was basically formed.
Up to now, there are 89 direct insurance property insurance companies in the property insurance market, including 67 Chinese-funded and 22 foreign-funded companies; 16 professional companies have initially formed joint-stock companies, limited liability companies, self-insurance companies, and mutual insurance companies. Various organizational forms and a diversified market structure featuring fair competition, common development, and increasingly openness between Chinese and foreign capital.
The level of industry risk protection has also been continuously improved, and its functional role has been increasingly played.
In 2021, the risk protection provided by China's property insurance industry will reach 1,0860.3 trillion yuan, which is 95 times the gross domestic product (GDP) in the same period, with an average annual growth rate of 43.5% in the past ten years.
Insurance coverage in key areas continues to increase. In 2021, the industry will underwrite a total of 320 million motor vehicles, 2.5 times that of 2012, with an average annual growth rate of 10.5% in the past ten years.
The data released on the same day also showed that in 2021, the property insurance industry will pay 884.8 billion yuan in indemnity, 3.1 times that of 2012, and the average annual growth rate in the past ten years will reach 13.2%, which is 2.6 percentage points higher than the growth rate of premiums.
It is worth mentioning that the property and casualty insurance industry has played an active role in the recovery and reconstruction of major disasters.
In 2013, "Fite" typhoon insurance paid about 6 billion yuan, and "Hynix" fire insurance paid 5.42 billion yuan; in 2021, Henan and Shanxi heavy rainfall insurance paid 12.1 billion yuan, of which Henan heavy rainfall insurance compensation accounted for a proportion of direct economic losses. 10%.
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