On January 28, the China Insurance Industry Association issued an announcement on the operation evaluation results of legal person institutions of insurance companies in 2020, and announced the insurance premiums in 2020.
In 2020, with the global premium falling by 1.4%, the premium of China's insurance industry maintained growth. The growth rate of premium income of property insurance and life insurance companies was 4.27% and 9.20% respectively. Among the 78 Property insurance companies, 54 companies achieved positive growth in premium income; Among the 80 family life insurance companies, 69 companies achieved positive growth in premium income. The growth rate of total assets of property insurance companies and life insurance companies was 7.87% and 17.70% respectively.
In 2020, the return on investment of insurance companies will remain at a high level, and the comprehensive return on investment of property insurance and life insurance companies will be 5.97% and 5.47% respectively. The compensation level of property insurance companies has been continuously improved, and the degree of protection is more sufficient. The comprehensive compensation rate is 62.90%, the highest in recent five years. Life insurance companies accelerated their return to the source of guarantee, increased the proportion of guarantee insurance products, and promoted the continuous decline of surrender rate. The comprehensive surrender rate was 3.77%, a year-on-year decrease of nearly 50%. The surrender rate has declined for two consecutive years, which is conducive to the long-term and stable operation of the company. The 13-month policy continuation rate was 87.60%, an increase of 3.29 percentage points year-on-year.
As an economic booster and social stabilizer, insurance plays an important role in promoting the coordinated development of economy and society. In 2020, the insurance industry continued to improve the quality and efficiency of serving the real economy, providing 8710 trillion yuan of insurance, a year-on-year increase of 34.6%; The compensation expenditure was 1.4 trillion yuan, a year-on-year increase of 7.9%.
