25.1 Introduction

Insurance intermediaries play an important role in China's insurance market. According to the data from the National Financial Regulatory Administration (NFRA) which plays the role of the Insurance Supervisory and Regulatory Authority of the State Council (ISRA), in 2023, the insurance intermediary channel achieved premium income of ¥4.8 trillion, accounting for 88.7% of China's total premium income, of which the property insurance premium income of the intermediary channel accounted for 75.1% of the national property insurance premium income, and the life insurance premium income of the intermediary channel accounted for 94.5% of the national life insurance premium income.1 As of the end of June 2023, there were 2,575 professional insurance intermediary institutions in China; among them, there were 5 insurance intermediary groups, 1,702 professional insurance agency companies, 492 insurance brokerage companies, and 376 insurance adjustment companies.2