Magazine date:
Oct 2011 The Chinese Insurance Regulatory Commission, CIRC, has set a premium income target of 3 trillion CNY (471 billion USD) by 2015, that is, a double turnover.
The premium volume produced by the market in 2010 amounted to 1.45 trillion CNY (220 billion USD). In its five-year plan, CIRC has also planned to raise the penetration rate from 3.8% in 2010 to 5% in 2015, and insurance density from 1072 CNY (168 USD) now to 2100 CNY (329 USD) in 2015.
The authorities will encourage the development of third party liability, pension, health, motor and agricultural risks. Regional insurers and captives will also be supported.