Chinese insurers post premium growth as first-quarter claims climb

China’s insurance sector has reported a steady expansion in primary premium income alongside a corresponding rise in claim payouts for the first quarter of 2026. According to the latest regulatory supervisory data, the industry managed to achieve this growth whilst maintaining robust capital buffers that remain well above the statutory requirements set by financial authorities.

During the first three months of the year, insurance providers across the country generated approximately $345.0 billion (RMB 2.3 trillion) in primary insurance premium income. This represents a solid 6.2% increase compared to the same period in the previous year. Underpinning this growth was an unprecedented surge in consumer and corporate activity, which saw the volume of newly issued insurance policies jump by 29% year-on-year, reaching a staggering 32.1 billion policies during the quarter.

Rising claims and asset accumulation

The surge in new business was accompanied by a noticeable uptick in payouts. Insurance claim and benefit payments rose by 7.5% year-on-year to settle at $133.4 billion (RMB 889.3 billion). Despite the acceleration in claims, the financial footprint of the sector continued to expand. By the end of March 2026, the total assets held by insurance companies and specialised insurance asset management firms reached $6.4 trillion (RMB 42.5 trillion), representing a 2.8% growth trajectory from the start of the calendar year.

A closer look at the different segments of the market reveals varied asset growth. Property and casualty (P&C) insurers experienced the strongest growth, with total assets rising by 5.9% to reach $495.0 billion (RMB 3.3 trillion). Personal insurance providers, operating as the largest segment of the market, saw their asset base expand by 2.6% to hit $5.6 trillion (RMB 37.3 trillion). Meanwhile, specialised insurance asset management companies recorded a 4.7% increase in assets, bringing their total to $22.9 billion (RMB 152.4 billion), whilst reinsurance assets edged down slightly by 0.2% to close the quarter at $128.9 billion (RMB 859.1 billion).

Solvency buffers remain resilient

Despite navigating a landscape of rising claim payments, Chinese insurers have kept their financial health in check. The industry’s overall solvency ratios remain comfortably above the minimum benchmarks mandated by regional regulatory watchdogs, which require a comprehensive solvency ratio of at least 100% and a core solvency ratio of 50%.

By the end of March 2026, the sector’s average comprehensive solvency ratio stood at 181.0%, while the average core solvency ratio was recorded at 131.9%. This financial cushion varies across the individual lines of business, as property and casualty insurers displayed the highest levels of capital resilience, posting an impressive comprehensive solvency ratio of 242.6% and a core solvency ratio of 210.6%. Reinsurers also maintained highly stable positions, with comprehensive and core solvency ratios at 207.4% and 179.8% respectively, whilst the personal insurance sector recorded a comprehensive solvency ratio of 170.7% and a core solvency ratio of 118.1%.

For a complete breakdown of the sector’s performance, asset changes, and capital health throughout the first quarter of 2026, refer to the consolidated dataset below.