Why is the U.S. life insurance market so much larger than the Chinese life insurance market?
The value of life insurance premiums written in the United States were almost double of those of the next largest country, China. Although the share of U.S. adults who owned life insurance has dipped in recent years, it remained above 50 percent in 2021. Meanwhile, only 20 percent of Chinese insurance consumers had a life insurance policy when surveyed in 2020. This gap helps to explain the significant difference in the total value of life insurance premiums between the two countries.Which countries lead in Asia and Europe?
The life insurance market in Asia has rapidly grown over the past few years. In 2021, income from life insurance premiums in China reached 3.3 trillion yuan, more than three times the premium income of 2012. Meanwhile, the United Kingdom led in terms of the value of direct life insurance premiums in Europe. Germany, France, and Italy were the next largest European markets.
