China's insurance sector saw premium income drop by 5.9% year-on-year to CNY1.9 trillion ($286 billion) in the first five months of this year, according to official data.

In comparison, from January to April, Chinese insurance companies saw their premium income drop by 7.84% to CNY1.66 trillion compared to the corresponding period in 2017.

The decline from January to May came as authorities enhanced regulation of the sector to defuse financial risk, reports the Xinhua news agency.

Property insurance firms posted a 15.3% increase in the first five months of this year, but life insurance companies, which account for over 70% of the total premium income, registered a 11.5% dip, data from the CBIR show.

Total industry assets stood at CNY17.5 trillion at the end of May, representing an increase of 4.5% from the beginning of the year.

For the first four months of this year, life insurers' premiums declined by 13.6% year-on-year during the period to CNY1.25 trillion while P&C insurers saw steady business growth with premium income rising by 16.1% year-on-year to CNY404.9 billion.