Yin Jiang'ao, head of the China Banking and Insurance Regulatory Commission: China's real economy has a leading scale, with great potential for the insurance sector.

Yin Jiangao, Director of the Property Insurance Department of the China Banking and Insurance Regulatory Commission, stated at the 2025 Lujiazui Forum that China's real economy is leading in size, and there is great potential for the insurance industry. First, from a production perspective: China already has the world's largest manufacturing and agricultural production capacity. The value added of the primary industry reached 13 trillion US dollars last year, five times that of the second-ranked country in the world; the value added of the secondary industry reached 69 trillion US dollars, equivalent to the sum of the G7 countries; and the electricity generation reached 100 trillion kilowatt-hours, exceeding the sum of the G7 countries. Second, from a consumption perspective: China's total social retail sales reached 49 trillion yuan last year, ranking second globally, with many physical consumption quantities ranking first in the world. China's population accounts for 18% of the global total, with a grain consumption of 820 million tons, accounting for 29% globally; a meat consumption of 100 million tons, accounting for 27% globally; and a car sales of 31.44 million units, accounting for 35% globally. Third, from a compensation perspective: last year, China's direct economic losses from natural disasters reached approximately 401.1 billion yuan, with insurance compensation accounting for nearly 10%. Globally, the direct economic losses from natural disasters reached about 320 billion US dollars, with insurance compensation amounting to 140 billion US dollars, a compensation rate of about 44%. "From the data in the three aspects above, as the third industry serving the primary and secondary industries, the insurance industry has great potential," he said.