China’s property insurance sector has maintained stable growth in 2022, according to data released by the China Banking and Insurance Regulatory Commission. Premiums for property insurers increased to 1.5 trillion yuan ($217.6 billion) in 2022, marking an 8.7% rise from the previous year. Meanwhile, payouts increased by 2.6% to 907.82 billion yuan during the same period.
The property insurance sector also saw a 9% increase in total assets by the end of 2022, reaching 2.7 trillion yuan. These figures indicate steady growth for the industry, which plays a crucial role in supporting the real economy.
The China Banking and Insurance Regulatory Commission has stated that it will guide the property insurance industry to deepen reforms and actively develop new insurance varieties such as green insurance, climate insurance, cyber security insurance, and new-energy insurance. These efforts aim to provide stronger support for the real economy, while helping to protect against various risks and uncertainties.
As China continues to expand its economy and invest in infrastructure projects, the property insurance sector is expected to continue its upward trend. The focus on developing new insurance products to address emerging risks reflects a growing awareness of the importance of risk management in the financial sector, which will ultimately benefit consumers and businesses alike.
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