China property insurance premiums hit 1.5t yuan

BEIJING -- China's property insurance sector maintained stable growth in 2022, data from the China Banking and Insurance Regulatory Commission showed.

The property insurers' premiums jumped to 1.5 trillion yuan ($217.6 billion) in 2022, up 8.7 percent year-on-year, while their payouts increased by 2.6 percent from a year ago to stand at 907.82 billion yuan, the data showed.

By the end of 2022, the total assets of the property insurance sector reached 2.7 trillion yuan, up 9 percent year-on-year.

The commission said it will guide the property insurance industry to continue deepening reforms and actively developing insurance varieties, including green insurance, climate insurance, cyber security insurance and new-energy insurance, in order to strongly support the real economy.