Insurance premiums and policies rise in China in Q1 2024

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The China National Financial Regulatory Administration (CNFRA), responsible for overseeing the stability and compliance of China’s financial sector, has released its supervisory statistics for the first quarter of 2024, highlighting significant increases in insurance premiums and the number of new policies.

By the end of the first quarter of 2024, insurance companies in China reported primary insurance premium income of RMB 2.2 trillion (USD 303bn), an increase of 5.1 percent compared to the previous year.

Insurance claim and benefit payments totalled RMB 735.2 billion (USD 1bn), showing a significant 47.8 percent growth year-on-year. Additionally, 20.6 billion new insurance policies were issued, a 30.1 percent rise from the same period last year.

As of the end of Q1 2024, the total assets of insurance companies reached RMB 32.9 trillion (USD 4.6trn), an increase of RMB 1.4 trillion (USD 193bn) or 10.4 percent since the beginning of the year.

Within this total, the assets of property and casualty insurance companies amounted to RMB 2.9 trillion (USD 400bn), a 4.4 percent increase.

The assets of personal insurance companies were RMB 28.6 trillion (USD 4trn), also up by 4.4 percent; reinsurance companies held assets worth RMB 775.1 billion (USD 107bn), marking a 3.8 percent rise; and insurance asset management companies had assets of RMB 120.9 billion (USD 16bn), reflecting a 14.9 percent increase.

By the end of Q1 2024, the comprehensive solvency ratio of the insurance sector stood at 195.6 percent, with a core solvency ratio of 130.3 percent.

Specifically, the comprehensive solvency ratios for property and casualty insurance companies, personal insurance companies, and reinsurance companies were 234.1 percent, 186.2 percent, and 264.4 percent, respectively. The core solvency ratios for these categories were 206.3 percent, 113.5 percent, and 229.1 percent, respectively.

The post Insurance premiums and policies rise in China in Q1 2024 appeared first on ReinsuranceNe.ws.

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