,China

Growth continues for China's insurance market

The country came second behind the US in terms of total premium volume in 2020.

The Chinese insurance market continues to grow on the world stage, snapping up 10.4% of the global market in 2020, according to a Swiss Re report.

The country came second behind the United States in terms of 2020 total premium volume at $655.8b, a 6.2% year-on-year growth from $617.3b in 2019.

The country’s non-life insurance market rose 4.4% last year on the back of a 15% growth in medical insurance, but motor premiums also dipped 3% following the de-tariffication of the motor industry and lower new car sales volume.

Motor insurers’ rates are expected to go down even further, leading to a 7% drop in real-term premiums in 2021.

On the other hand, life insurance premiums rose 2.8% in 2020 led by a strong economic recovery, high demand for risk protection, the adoption of digital channels and customer engagement, amongst other factors, the report said.

Life premiums are forecasted to hit a below-trend 6.2% in 2021 and 7.7% in 2022 as stronger regulations in 2021 will partly offset the gains from economic recovery and higher insurance awareness, the report said. 

There have also been changes in the segment’s portfolio mix, with the regulator requiring less short-term investment-linked products and more protection-focused policies like mortality and health plans. There can be a 17.5% real growth in protection-type business and 10% growth in savings business in 2021, the report said.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The insurer's shares plummeted over concerns of exposure.
RetireSavvy allows Singaporeans to adjust their retirement plans.
This is the first time that the insurance industry has taken the lead against banks.
This is part of the group’s plans to streamline its assets.
The German reinsurer anticipates growth in the P&C and health reinsurance.
It is slated to be the biggest IPO in the country.
Chan is an industry veteran with over 20 years of experience.
The company was said to be operating an unauthorized brokerage service.
Dash PET is an insurance savings plan co-created with insurer partner Etiqa.
Terms of the investment were not disclosed.
He will succeed Craig Ellis as CEO and director.
General insurance premiums to rise to 10% above pre-COVID-19 levels in 2021.
The IRDAI said that standardisation of policy wording is not desirable at this juncture.