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China aims to raise premium to 5% of gross domestic product by 2020

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China's government has unveiled measures to boost the insurance sector, Xinhua reported.

It aims to raise premium to 5% of gross domestic product by 2020, the State Council said. Insurance will be given a bigger role in the prevention and relief of disasters and accidents through the introduction of catastrophe insurance products. The insurance industry's total assets amounted to 9.4 trillion Chinese yuan ($1.515 trillion) as of June.

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