The Insurance Development Index Conference is held in Beijing on December 7, 2015. [Photo: people.com.cn]

China has issued the country's first insurance development index.

Taking 2010 as a base year with an index of 100, the value indicates the health and development of the insurance sector in China.

The Insurance Association of China says the index for 2014 was 109.1, showing the sector is making progress with steady business.

The report also notes vehicle insurance made up more than 70 percent of all insurance fees in 2014.

The percentage is less than 25 percent in western developed countries, including the United States and Germany.

It's suggested that China's insurance system should be diversified and provide more residential cover.