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China 2013 insurance premiums hit RMB1.72 trln, ranking world fourth

2014-07-08 GMT+8:00

BEIJING, July 8 (Xinhua) – China's insurance premiums reached 1.72 trillion yuan in 2013, ranking fourth across the world, according to the social responsibilities white book ofChina's insurance industry released on Tuesday by China Insurance Regulatory Commission (CIRC),China's top insurance regulator.

According to the white paper, total assets ofChina's insurance industry stood at 8.3 trillion yuan by the end of 2013, and four of the country's insurance companies entered the list of world Top 500 companies.

By the end of 2013, the insurance industry offered three billion security plans for the public, and accumulative compensation expenditure of the industry exceeded three trillion yuan.

Altogether 123 overseas insurance institutions from 21 countries and regions had opened 142 representative offices inChinaby the end of 2013, andChinahad set up 29 operational insurance institutions abroad.

The white book predicts thatChina's insurance premiums will ascend to world second by 2020, with insurance penetration reaching five percent and insurance density hitting 3,500 yuan each person. (Edited by Hou Yujie,