China's insurance premium revenue hit a record high of 518 billion yuan (64.75 billion U.S. dollars) at the end of November, up 13.8 percent on last year, according to statistics released by China Insurance Regulatory Commission. Life insurance attributed 380 billion yuan, up 11.1 percent, while property insurance premiums hit 138 billion yuan, up 22.1 percent.

By the end of November, the insurance sector was subject to a gross investment of over one trillion yuan, up 32.2 percent. Bank deposits of the insurance sector amounted to 568 billion yuan, up 10.7 percent on the previous year.

Analysts attribute the rise to a greater demand for large contract deposits from shareholding banks. China's insurance sector can continue to expect a bright future.

Under the 11th Five-year Plan, China's insurance revenue is expected to exceed one trillion yuan (125 billion U.S. dollars) by the end of 2010, and insurance assets are expected to hit five trillion yuan. The growing population, rising middle class and tax breaks would also contribute to the fast development.