Non-life insurances - China | Statista Market Forecast

China's Non-life insurance market is projected to reach a market size (gross written premium) of US$541.60bn in 2024.
The average spending per capita in the Non-life insurance market in China is expected to amount to US$378.00 in 2024.
The gross written premium in China is expected to show an annual growth rate (CAGR 2024-2029) of 1.95%, resulting in a market volume of US$596.50bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
China's non-life insurance market is experiencing rapid growth due to increasing urbanization and rising awareness of risk management.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Non-life insurances market in China has been experiencing significant growth and development.

Customer preferences: Customers in China are increasingly valuing the security and protection that non-life insurance policies provide, especially in the face of unpredictable events such as natural disasters and accidents. This growing awareness of risk management is driving demand for a wide range of non-life insurance products, including property, health, and liability insurance.

Trends in the market: One notable trend in the Chinese non-life insurance market is the rise of digital insurance platforms and InsurTech companies. These platforms offer convenient and innovative ways for customers to purchase insurance policies and manage their claims. Additionally, there is a growing emphasis on customization and personalization in non-life insurance products to better meet the diverse needs of Chinese consumers.

Local special circumstances: The regulatory environment in China plays a crucial role in shaping the non-life insurance market. With the government implementing policies to promote the development of the insurance industry, there are opportunities for both domestic and foreign insurers to expand their presence in the market. Moreover, the increasing disposable income of the Chinese population is fueling demand for higher coverage limits and more comprehensive insurance products.

Underlying macroeconomic factors: China's robust economic growth and urbanization are key macroeconomic factors driving the expansion of the non-life insurance market. As more individuals and businesses accumulate wealth and assets, there is a greater need for insurance protection against potential risks. Additionally, the government's focus on financial stability and risk management is creating a conducive environment for the growth of the non-life insurance sector in China.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.