Market Size of China Online Insurance Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 707.58 Billion |
| Market Size (2029) | USD 986.40 Billion |
| CAGR (2024 - 2029) | 6.87 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Online Insurance Market Analysis
The China Online Insurance Market size in terms of gross written premiums value is expected to grow from USD 707.58 billion in 2024 to USD 986.40 billion by 2029, at a CAGR of 6.87% during the forecast period (2024-2029).
The rapid expansion of online insurance in the Chinese market is predominantly due to the growing popularity of internet personal insurance purchases across the country. The fastest-growing insurance was online medical in China. This is majorly due to increased concerns about people's health after the pandemic outbreak. The share of online insurance premiums is expected to grow even further in the coming years as technological innovation and e-commerce continue to develop in China. Insurers are becoming increasingly active in deploying new digital technologies to reinforce their long-term competitive edge. China’s insurance regulator is expected to introduce additional measures to oversee the online insurance market to regulate risks and protect both insurer’s financial soundness and consumers’ interests.
The pandemic benefited the adoption of digital insurance platform businesses. Many insurance companies and policyholders began to use online sites and mobile applications. Furthermore, during the pandemic, the insurance business demonstrated tremendous and unprecedented progress. As a result, during the pandemic, demand for digital insurance platforms grew, positively impacting the market.
