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Insurance industry in China - statistics & facts

China’s insurance industry has been experiencing a rapid development in recent years. In 2019, the premium income of China’s insurance companies amounted to around 4.3 trillion yuan, nearly three times as much as seven years ago. China’s insurance products can be divided into property insurance and personal insurance based on the insurance project. In addition, personal insurance comprises life insurance, health insurance and accident insurance. While life insurance contributed the largest share of premium income, benefit payments of insurance companies were higher 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 rapidly ageing population. Driven by the great needs of the market, some Chinese companies already rank as the world’s largest insurance companies and are further growing at a high pace.

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 Insurance, 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 product varieties.

Key figures

The most important key figures provide you with a compact summary of the topic of "Insurance industry in China" and take you straight to the corresponding statistics.

Life insurance

Property insurance

Consumer behavior

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Insurance industry in China".

Insurance industry in China

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Insurance industry in China - statistics & facts

China’s insurance industry has been experiencing a rapid development in recent years. In 2019, the premium income of China’s insurance companies amounted to around 4.3 trillion yuan, nearly three times as much as seven years ago. China’s insurance products can be divided into property insurance and personal insurance based on the insurance project. In addition, personal insurance comprises life insurance, health insurance and accident insurance. While life insurance contributed the largest share of premium income, benefit payments of insurance companies were higher 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 rapidly ageing population. Driven by the great needs of the market, some Chinese companies already rank as the world’s largest insurance companies and are further growing at a high pace.

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 Insurance, 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 product varieties.

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Insurance industry in China".

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