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China to become world's 2nd biggest insurance country around 2023, official

2014-08-21 GMT+8:00

BEIJING, Aug. 20 (Xinhua) – China is expected to become the world's second biggest insurance country around the year of 2023, said Wang Zuji, vice chairman of the China Insurance Regulatory Commission (CIRC), the country's top insurance regulator, at a press release on Wednesday.

Statistics show that China's insurance premiums totaled 1.72 trillion yuan in 2013, ranking fourth across the world. Of this, premiums ofChina's agriculture insurance and auto insurance both ranked world's second.

However, China's insurance density and depth still fall behind the world's average level, at 1,200 yuan per capita and 3 percent, respectively.

China aims to increase insurance depth to three percent and insurance density to 1,500 yuan per capita by 2020, according to the Measures on Accelerating the Development of Modern Service Industry introduced earlier by the State Council, the cabinet.

Ping An securities hold the county's insurance premiums will reach 4.73 trillion yuan by 2020 to achieve the above-mentioned target, the compound insurance premium growth will reach about 15.5 percent, which means China's insurance premiums will enter a rapid growth channel in the next six years. (Edited by Hou Yujie,