BEIJING -- The insurance sector in China had accumulated 8.05 trillion yuan ($1.31 trillion) in gross assets by the end of September, up 9.5 percent from the beginning of the year, the industry regulator said on Thursday.

The sector amassed 1.34 trillion yuan in premiums in the first nine months of the year, an 11.2-percent rise year on year, according to the China Insurance Regulatory Commission (CIRC).

The total included 758.9 billion yuan from life insurance and 462.1 billion yuan from property insurance, up 6.8 percent and 15.8 percent year on year, respectively.

Total profit for insurers in the first three quarters is estimated to have reached 91.75 billion yuan, up 134.9 percent year on year, the CIRC said.

China is the world's fourth-largest insurance market.