The aggregate assets of China's insurance industry has risen by 9.5 percent to 18.3 trillion yuan (2.73 trillion U.S. dollars) during the past year, offering a forceful support to the country's real economy and social development.

In 2018, the industry registered 6,897 trillion yuan (about 1,029 trillion U.S. dollars) in the total amount insured, up 66 percent from the previous year, according to data from the China Banking and Insurance Regulatory Commission.

Of the figure, the amount covered by accident insurances hit 3,809 trillion yuan, up 32.8 percent from the previous year, while that by liability insurances concerning medical treatment and environmental protection more than tripled to 866.1 trillion yuan.

Combined premium income in the industry totaled 3.8 trillion yuan in 2018, up 3.9 percent year on year. Compensation expenses rose by 10 percent to 1.23 trillion yuan year on year.