China’s general insurance market to reach $304.4bn

Written by Adam Cadle

24/10/2022

The Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY 1,367.7bn ($212.1bn) in 2021 to CNY 1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums, GlobalData has said.

According to GlobalData, the Chinese general insurance industry is expected to recover in 2022 and continue its growth trend over the next five years after registering a low growth of 0.7% in 2021 due to a decline in motor insurance as supply chain disruptions and stringent lockdowns in the major manufacturing hubs of Shanghai and Changchun led to a fall in vehicle sales.

Personal Accident and Health (PA&H) insurance was the second largest general insurance line in China, accounting for a 14.7% share in terms of DWP in 2021. PA&H insurance is expected to continue its double-digit growth over the forecast period, driven by raising awareness over protection and financial planning due to recurring COVID-19 waves.

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