
The life insurance industry in China is projected to grow from CNY3.2trn (US$459bn) in 2020 to CNY4.5trn (US$665.7bn) in 2025, in terms of direct written premium (DWP), according to GlobalData.
China’s life insurance industry is forecasted to grow at a compound annual growth rate (CAGR) of 7.4% over 2020–2025, supported by demographic trends, development of private pension sector and growing demand for protection-type life insurance products such as long-term care insurance and health insurance.
Deblina Mitra, senior insurance analyst at GlobalData, commented: “China’s life insurance industry is dominated by traditional life insurance products such as whole life insurance which accounted for around 75% of the life insurance DWP in 2020.”