Insurance sector not yet developed

China Insurance Regulatory Commission (CIRC) officials said that the insurance business is not developed and that there are few medium- and long-term investment opportunities available for insurance firms. Officials said that the insurance industry has grown quickly in recent years, but it does not yet meet the needs of society. Disaster relief is mainly funded by government agencies and not insurance companies in China. China's insurance sector had total assets worth US$126.3 billion at the end of May and a total of US$116.1 billion in disposable capital. Insurance premium revenue, which totaled US$40.8 billion in 2003, was divided with 52% in banks, 31% invested in bonds and 6.8% invested in funds.