Insurance industry in China - Statistics & Facts

Published by Shu Han, Aug 23, 2019
China’s insurance industry has been experienced a rapid development. In 2018, the premium income of China’s insurance companies amounted to over 3.8 trillion yuan, achieving a new record in the past decades. China’s insurance products can be divided into property insurance and personal insurance based on insurance project. In addition, personal insurance contains life insurance, health insurance and accident insurance. While life insurance contributed the largest share of premium income of insurance companies, insurance companies paid more money for property insurance.

Since China is the world’s most populous country, a great potential of the market is to be expected, especially in the healthcare and pension sectors due to China’s growing ageing population. Driven by the great needs of the market, some Chinese companies become the world’s largest insurance companies.

In the past few years, the insurance companies cooperate increasingly with tech platforms to reach more consumers and provide them with more convenient service. Ping An, one of China’s leading insurance companies, is investing a lot in Fintech start-ups and its own high-tech development sector. New technologies of AI, Blockchain and Cloud Computing are becoming core technologies of big insurance companies to improve their service quality and working efficiency.

In 2017, foreign companies accounted for around six percent of the insurance income in China. The share of foreign companies in China’s insurance market is expected to grow with China increasingly opening up its market to foreign insurance companies. Consumers in China will benefit from a more open market with a lot of innovation and varieties.

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Insurance industry in China

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