The Chinese government has unveiled measures to develop the insurance industry, vowing to raise premium incomes to 5 percent of GDP by 2020.
The package, announced by the State Council, lets the insurance industry play a bigger role in the fledgling social security network.
The Cabinet announcement says commercial insurance providers will become the primary undertaker of individual and household programs and an important supplier of corporate pensions and health insurance.
The government also says the insurance will be given a bigger role in the prevention and relief of disasters and accidents through the introduction of catastrophe insurance products.
Wang Zuji is the vice chairmen of the China Insurance Regulatory Commission.
"We must acknowledge that it is a complicated process in building the insurance catastrophe system. In this process, relevant laws must be enacted and funding is also important."
The government will also encourage its house-for-pension insurance experiment and launch a pilot program to introduce compulsory insurance for environmental pollution, food safety, medical accidents, and campus safety.
China's insurance industry had total assets of 9.4 trillion yuan by the end of June this year.
