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International

China becomes world's third largest insurance market: CIRC

February 09, 2016 Reprints

The China Insurance Regulatory Commission has said that the nation became the third largest insurance market in the world in 2015, Xinhua reported.

The country accounted for 26% of global insurance market growth in 2015.

Insurance premiums increased to 2.4 trillion Chinese yuan ($365 billion) in 2015 from CNY 1.3 trillion in 2010, reflecting an annual growth rate of 13.4%, CIRC data showed.

CIRC data revealed that China's insurance sector posted profits of CNY 282.4 billion in 2015, compared with CNY 83.7 billion in 2010.

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China becomes world's third largest insurance market: CIRC

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