Total insurance premium income in China rose 27.5 percent to 3.1 trillion yuan (0 billion) in 2016, according to data from the China Insurance Regulatory Commission.
Last year, domestic insurance transactions grew at their fastest pace since 2008, Duan Haizhou, a statistics official at the commission, said at a press conference Tuesday.
Premium income from ordinary life insurance soared 55.34 percent to 1.05 trillion yuan, making up 55.77 percent to total insurance income.
In addition, the industry's structure is prioritized, with the market concentration degree being further lowered, Duan said, noting that agriculture insurance and liability insurance maintain sound development.
The industry's capability to serve the real economy has also been enhanced. Large equipment insurance provided risk guarantees worth 48.66 billion yuan for the domestic equipment manufacturing industry. Meanwhile, science and technology insurance provided 1.03 trillion yuan to guarantee risks in the technological innovation sector.
The insurance industry also supports nationally important strategic projects. In 2016, the industry invested 1.7 trillion yuan in projects for the "One Belt and One Road" initiative, the Beijing-Tianjin-Hebei Province integration plan as well as the Yangtze River Economic Belt.