Chinese insurers' premium income up 20% in Jan-Oct

BEIJING - Premiums received by Chinese insurers continued to maintain double-digit growth, rising 19.9 percent year-on-year in the first 10 months of 2017, official data showed Monday.

Premiums reached 3.2 trillion yuan ($484 billion) in January-October, exceeding the total for last year, according to the China Insurance Regulatory Commission (CIRC).

Property insurance business premium income rose 13.4 percent year-on-year to 796.1 billion yuan, the CIRC said.

Income from life insurance business premium stood at 1.98 trillion yuan, up 26.2 percent.

By the end of October, the industry had combined assets totaling 16.6 trillion yuan, up 9.9 percent from the beginning of the year.

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