Annual Conference of Financial Street Forum (FSF) 2026 in Beijing on October 20, 2026 Photo: Yin Yeping/GT

China's insurance industry has outlined three major priorities for high-quality development during the 15th Five-Year Plan period (2026-2030) to support economic and social development, deepen reform and opening-up, and strengthen risk prevention, according to a research report released at the Annual Conference of Financial Street Forum 2026 in Beijing.

The report, titled Research on High-Quality Development of the Insurance Industry during the 15th Five-Year Plan period, was released by Zhao Yulong, president of the Insurance Association of China, at the forum's first-ever insurance conference, which opened on Tuesday, according to a Xinhua News Agency report on Wednesday.

The research identifies three core tasks for the industry. The first is to better serve economic and social development by strengthening insurance support for new quality productive forces, improving social governance and enhancing people's livelihood protection.

The second focuses on deepening reform and opening-up, including improving the insurance market system, advancing reforms in key areas, accelerating digital transformation and further opening the sector to foreign participation. The third is to strengthen risk prevention and control.

Zhao said the research addresses major national strategies, priority areas and weaknesses in economic and social development during the 15th Five-Year Plan, while proposing targeted solutions to shortcomings identified during the previous five-year period.

The report also proposes 18 indicators to assess the industry's high-quality development, reflecting a shift from pursuing rapid expansion and scale toward prioritizing quality and efficiency.

Looking ahead, the research outlines a three-stage development roadmap for the insurance sector. The first stage, covering 2026 to 2030, focuses on strengthening the industry's foundations, including market development, risk management, supply capacity and opening-up. The second stage, from 2031 to 2035, emphasizes improving quality and efficiency, while the third, from 2036 to 2050, aims to establish insurance as a key pillar of China's development into a financial powerhouse.

Zhao said the research also reviewed the industry's achievements during the 14th Five-Year Plan period (2021-2025), including improvements in institutional frameworks, services to the real economy and public welfare. 

However, challenges remain, including insufficient insurance coverage, gaps between products and market needs, and uneven development.

The research project, led by the Insurance Association of China, involved more than 150 experts from over 30 insurance institutions and took six months to complete.

The association will refine the report before publishing it and organizing industry discussions to support the implementation of China's 15th Five-Year Plan and its financial development objectives, Zhao said.

The insurance conference, held for the first time as part of the Financial Street Forum, features discussions on technology insurance, inclusive insurance, pension insurance and disaster insurance. It is expected to release additional research findings and case studies aimed at promoting higher-quality development and greater opening-up of the sector.

Global Times