(Yicai Global) Aug. 29 -- Risks facing China's insurance sector are generally controllable but the public must be aware of partial liquidity risks, corporate risks, credit risks facing the entire sector and data accuracy risks, China Insurance Regulatory Commission said online.

General solvency of the sector remains stable. At the end of the second quarter, its comprehensive solvency ratio was 235 percent, considerably higher than the 100-percent threshold ratio. The core solvency ratio was 220 percent, also much higher than its 50-percent threshold.

Life insurers have seen the first increase in their core solvency ratio since 2016, up 2.4 percent on the quarter to 216 percent. A growing number of insurance firms are returning to their original business model as high-value, long-term protection products predominate within the sector at an increasing pace. Conversely, the percentage of short- and mid-term products demanding a larger amount of capital is continuously declining.

The regulator reaffirmed its commitment to risk control in the insurance sector to ensure stable development. Firstly, it will prioritize risk control and closely monitor changes in the sector, dispose of existing product risks and fulfill its supervising duties more stringently, it said. Secondly, it will enhance the insurer accountability system, make more effort to publicize policies and increase insurers' awareness of risk prevention. It will also aim to create a proper regulatory guide.