China's insurance market expanded 14.4 percent to 564.1 billion yuan ($73 billion) last year as the world's fastest-growing major economy generated demand for insurance coverage, the regulator said.

Insurance companies' total assets rose by 29 percent to 1.97 trillion yuan. The premiums on property and casualty cases jumped 22.6 percent to 150.9 billion yuan, while life premiums rose 10.7 percent to 359.3 billion yuan.

China Life Insurance Co., Ping An Insurance (Group) Co. and other insurers are benefiting from the country's economic growth and selling more protection and investment products. Government efforts to dismantle the cradle-to-grave welfare system are also spurring sales.

The insurance industry's growth is likely to be faster in coming years as economic expansion will make the Chinese more willing to spend on insurance products.

Gross domestic product expanded 10.5 percent in 2006, down from a 10.7 percent pace over the first three quarters, National Development and Reform Commission head Ma Kai said on Jan. 12. Still, the growth was the fastest among the world's biggest economies.

China's insurance market may grow about 20 percent this year and in 2008.