CIRC approves first mutual insurance unit

China’s insurance regulator has approved the establishment of three mutual insurance associations, the first time such associations have been set up in China, the regulator said at a press conference recently, according to a Reuters report.

China has become the world’s third largest insurance market, with insurance premiums reaching CNY2.4 trillion (USD364.29 billion) and total assets reaching CNY12 trillion in 2015, according to data from the insurance regulator. The Chinese government passed a new regulation in February 2015 allowing the establishment of mutual insurers.