China’s life insurance industry to surpass $890bn by 2028

Written by Adam Cadle

15/11/2023

The Chinese life insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 9% over 2024-28, from CNY4trn ($597.1bn) in 2024 to CNY5.6trn ($893.2bn) in 2028, in terms of direct written premiums, according to GlobalData.

Furthermore, China’s life insurance industry is estimated to grow by 9.6% in 2024, supported by economic recovery, conducive regulatory developments, and increased awareness of health and financial planning after the pandemic.

GlobalData insurance analyst Manogna Vangari commented: “After witnessing a slower growth of 2.8% in 2022, the Chinese life insurance industry is expected to witness a double-digit growth of 13.7% in 2023, driven by economic recovery and the relaxation of the zero COVID policy in December 2022, which has helped in increasing the employment rate and household disposable income.

“China is projected to become a super-aging society by 2030, which will continue to create the demand for life insurance products. A growing affluent population, increasing awareness of health and financial protection, and positive regulatory developments will support life insurance growth in the country over the next five years.”

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