CHINA'S insurance sector is likely to collect a record 700 billion yuan (US$93.3 billion) in premiums this year, officials said yesterday.

The figure compares with 304 billion yuan in 2002 and 564 billion yuan last year when China jumped from 16th to ninth in the world ranking of insurance premium revenues. Currently, Chinese insurers have 2.8 trillion yuan in total assets, up from two trillion yuan at the end of last year.