China is already in 2nd place in terms of life insurance market size

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At the end of 2017, China ranked second in the world in terms of the size of the life insurance market, said Huang Hong, deputy chairman of the Banking and Insurance Supervision and Administration Commission of the PRC.

As reported by the Xinhua News Agency, two Chinese companies - Ping An Insurance and China Life Insurance - entered the top ten global insurers.

According to the committee, in 2017, 1.06 billion people out of more than 1.3 billion Chinese residents were covered by critical illness insurance.

However, Huang Hong noted that with the increase in China's socio-economic development level, the insurance industry also "has room to grow and improve service quality". He paid special attention to the need to strengthen the role of innovation as a pillar of development, while avoiding homogeneous competition.

According to Huang Hong, in the next 20 years, life insurance in China will grow by more than 10% per year, and a significant number of Chinese insurers will be among the top 500 global companies.

The cumulative profit of Chinese companies in the life insurance sector in the first half of the year amounted to 112.17 billion yuan ($16.2 billion), writes Asian Insurance Review. At the same time, 50 out of 87 insurers operating in this segment made a profit, while in January-June 2017 there were 45 such companies.

Source: Finance.ua