Vice-Premier Ma Kai has urged faster development of the insurance business to improve people’s lives and further support China’s economic growth.

He made this comments during a seminar with representatives from the insurance industry in Beijing on July 21.

Describing the insurance business as a “booster for the economy” and “stabilizer of society”, Ma acknowledged the fast growth of the insurance sector in recent years has made great contributions to China’s economic reforms and restructuring.

Insurance personnel should adhere to a client-oriented principle and make continuous efforts to promote innovation while supervisory departments must fulfill their responsibilities of safeguarding market order, he added.