China publishes first insurance sector social responsibility report

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The Insurance Association of China has published a 2019 social responsibility report, the first of its kind for the insurance sector.

China publishes first insurance sector social responsibility report

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Last year, China’s insurance industry raked in a total of 4.26 trillion yuan (about 625.5 billion U.S. dollars) in premium income, insuring an aggregate amount of 6,470 trillion yuan, according to the report.

Meanwhile, compensation expenses for the industry totaled 1.29 trillion yuan in 2019, the report showed.

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In supporting regional integrated development, funds offered by the insurance sector for the Yangtze River Economic Belt and the Beijing-Tianjin-Hebei region had surpassed 600 billion yuan and 250 billion yuan by the end of last year, respectively.

As of July 1, compensation expenses related to the COVID-19 epidemic had reached 516 million yuan, the report said.

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