China's insurance premium income up 19%

BEIJING — China's insurance premium income continued to see steady growth, with a 19.17-percent year-on-year rise in the first 11 months of 2017, according to data released Wednesday by the country's top insurance regulator.

Premium income reached 3.44 trillion yuan ($527.6) during the January-November period, according to the China Insurance Regulatory Commission.

The growth slightly retreated from the 19.91-percent rise in the first 10 months.

Premium income for life insurance companies went up 21.1 percent to hit 2.49 trillion yuan. Property insurance company premium incomes rose 14.3 percent to 948.3 billion yuan.

By the end of November, the industry had combined assets totalling 16.64 trillion yuan, up 10 percent from the beginning of 2017.

Authorities have moved to tighten regulation on the insurance sector last year as they put priority on preventing systemic financial risks.