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.