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China’s insurance sector sees 7.6% rise in assets


China’s insurance industry recorded a 7.6% surge in total assets, reaching CNY29.2tr (USD4.06tr) by Q2’s end, as stated by the National Financial Regulatory Administration. Notably, property insurers’ assets grew by 7.8% to CNY2.9tr. In contrast, life insurance assets escalated by 7.1% to CNY25tr. The resurgence comes after China reopened its borders with Hong Kong and the Greater Bay Area. Reinsurance and insurance asset management firms also experienced growth, with rates of 10.3% and 3.5%, respectively. However, recent natural calamities are starting to impact the industry. As of now, Chinese insurers have settled 145,000 out of 266,000 claims from affected regions, paying out a total of CNY2.54bn.

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