In 2021, the size of the insurtech industry in China grew by almost 18 percent. According to the forecast, the online insurance market was projected to be valued at over 125 billion yuan by 2025. However, in 2022, the market took a sever hit and lost around 20 billion yuan in market size compared to 2021.The idea behind insurtech is that innovation and new technology can increase the efficiency of the insurance industry. In China, established insurance companies, as well as startups, develop this business sector.
Market growth of the insurance technology industry in China from 2016 to 2021
(in billion yuan)
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Zhihu. (June 6, 2023). Market growth of the insurance technology industry in China from 2016 to 2021 (in billion yuan) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1402032/china-growth-rate-of-the-insurtech-industry/
Zhihu. "Market growth of the insurance technology industry in China from 2016 to 2021 (in billion yuan)." Chart. June 6, 2023. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1402032/china-growth-rate-of-the-insurtech-industry/
Zhihu. (2023). Market growth of the insurance technology industry in China from 2016 to 2021 (in billion yuan). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1402032/china-growth-rate-of-the-insurtech-industry/
Zhihu. "Market Growth of The Insurance Technology Industry in China from 2016 to 2021 (in Billion Yuan)." Statista, Statista Inc., 6 Jun 2023, https://www.statista.com/statistics/1402032/china-growth-rate-of-the-insurtech-industry/
Zhihu, Market growth of the insurance technology industry in China from 2016 to 2021 (in billion yuan) Statista, https://www.statista.com/statistics/1402032/china-growth-rate-of-the-insurtech-industry/ (last visited December 22, 2024)
Market growth of the insurance technology industry in China from 2016 to 2021 (in billion yuan) [Graph], Zhihu, June 6, 2023. [Online]. Available: https://www.statista.com/statistics/1402032/china-growth-rate-of-the-insurtech-industry/
