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Insurance premiums to account for 5% of China's GDP by 2020: Report

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The China Insurance Regulatory Commission expects premiums to make up 5% of the nation's gross domestic product by 2020, Xinhua reported.

The regulator in a report said the insurance sector's fast growth in coming years will result in around 4.55 trillion Chinese yuan ($733.46 billion) worth of premiums by 2020.

Premiums at the end of 2013 totaled CNY 1.72 trillion ($283.97 billion), the report said.

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