'Chinese insurance sector needs healthy growth

Shanghai, April 22 (IANS) Chinese Vice Premier Wang Qishan has urged accelerated reform and innovation in the country's insurance industry to promote healthy and stable development.

Wang said here that the insurance industry was faced with great potential and opportunities amid accelerated process of industrialization and urbanization.

However, the industry development was still at primary stage, and needs to take an explorative steps to improve its systems, he said.

Wang stressed greater efforts should be made to develop pension, medical and liability insurance. The agriculture-related and shipping industries, small-sized and technology-based business should receive better insurance services, reported Xinhua.

By the end of January, the country's insurance industry had a total of 6.03 trillion yuan ($957 billion) in assets. The premium revenue totaled 1.43 trillion yuan in 2011, up 10.4 percent year-on-year.