Banking and Insurance Regulatory Commission: China becomes the largest engine for the Development of Global Insurance Industry
Xinhua News Agency, Guangzhou, November 15 (Reporter Lu Guangyi) Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, said in Guangzhou on the 15th that in 2018, China's insurance industry contributed more than 30% to the growth of the global insurance market, becoming the largest engine for the development of the global insurance industry.
Huang Hong said at the 2019 China Life Insurance Summit held here that the life insurance industry has focused on transformation, upgrading and high-quality development, and the outlook of the industry has undergone gratifying changes. In the first three quarters of 2019, the profit of the life insurance industry reached 233.2 billion yuan, up 55 percent from the same period last year. At the end of the third quarter, the inclusive value of each life insurance company reached 3.3 trillion yuan, an increase of 16.8 percent over the same period last year.
The insurance industry has made new achievements in serving the people's livelihood. The life insurance industry has accumulated more than 2 trillion yuan in pension reserves, 1.14 trillion yuan in long-term health insurance liability reserves, 1.129 billion people covered by serious illness insurance, and 36.75 billion yuan in entrusted medical insurance funds.
In terms of risk prevention, the insurance industry has also achieved new results. At the end of the third quarter of 2019, the life insurance industry had a combined solvency adequacy ratio of 204%, a core solvency adequacy ratio of 196%, and a combined solvency premium of 22 billion yuan, up from the previous quarter. In the first three quarters of this year, the cash flow of operating activities of life insurance companies was 950.3 billion yuan, an increase of 78 percent over the same period last year.
"at the same time, we also need to realize that in order to achieve high-quality development of the life insurance industry, there are still many problems that need to be solved. The need to focus on how to manage the economic cycle, how to manage asset-liability matching, how to respond to changes in social consumer demand and various risk challenges, How to solve the problem of a small number of companies relying heavily on traditional development paths and how to improve the lack of scientific and technological empowerment. " Huang Hong said.