China will become world’s biggest insurance market by mid-2030s, speeding past US on the way, says analyst
- China’s ageing population will mean more sales of annuity products and health insurance
- China’s insurance premiums will reach US$2.36 trillion in 2032, says Swiss Re Institute
China’s insurance market will quadruple in 14 years to US$2.36 trillion, on the way speeding by the US, currently the world’s leader, according to Swiss Re Institute.
Insurance premiums will hit US$2.36 trillion in 2032, up from about US$575 billion in 2018, the Zurich-based re-insurance company said Thursday. The US market is worth about US$1.47 trillion.
“Asia is the place to be [for insurers],” said Jerome Haegeli, Swiss Re Group’s chief economist. “The region and its engine of growth are driving different sectors of the industry.”
China’s strong economic growth, high government spending, increased consumer awareness and technological innovations will transform it into the world’s largest insurance market by the mid-2030s, Haegeli said.
The institute said it isn’t certain which year China will overtake the US as the world’s largest insurance market.
China’s share of the world’s insurance market is expected to double from 11 per cent in 2018 to about 22 per cent in 15 years' time. In 2018, the US accounted for 28 per cent of the global insurance market.
