China's insurance market size nearly quadruples in past decade

BEIJING, Nov. 14 (Xinhua) -- China's insurance market posted remarkable changes in terms of size and structure in the past decade, according to the country's top insurance regulator.

The country's insurance capital rose from 6.27 trillion yuan (about 872 billion U.S. dollars) in 2012 to 24.71 trillion yuan at the end of June 2022, with an average annual growth rate of 15.6 percent, data from the China Banking and Insurance Regulatory Commission showed.

Insurance capital investment targets had also been diversified, expanding from banking deposits, bonds and stocks to equities, real estate, asset management products and financial derivatives, among others.

By the end of June this year, China had 33 asset management firms taking care of insurance funds, up from 13 in 2012.

Insurance capital that helps finance the real economy in the long and medium term surged from about 4 trillion yuan in 2012 to 21.85 trillion yuan at the end of June, according to the commission.