Chinese insurers asked to deepen social engagement

BEIJING - Chinese insurance companies must be more committed to their role in maintaining social stability, the country's insurance regulator said Wednesday. Insurance companies can help prevent and reduce disputes and assist rapid response to accidents, according to the China Insurance Regulatory Commission.

The regulator also said that the industry needs comprehensive management measures focused on fraud, illegal fund-raising, online regulation and dispute resolution to maintain market stability and protect consumer rights.

Insurance premium income grew 27.5 percent in 2016, according to the regulator, with combined assets totalling 15.1 trillion yuan, up 22.3 percent.