China Life and Non-life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers China Life Insurance and it is segmented by Type (Life Insurance and Non-life insurance) and Distribution Channel (Direct, Agents, Online, and Other Distribution Channels).

China Life and Non-life Insurance Market Size

View Global Report
China Life and Non-life Insurance Market Summary
share button
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 3.00 %
Market Concentration Medium

Major Players

China Life and Non-life Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

China Life and Non-life Insurance Market Analysis

The Life and Non-life insurance market of China has generated a revenue of over USD 0.64 trillion in the current year and is anticipated to register a CAGR of more than 3% for the forecast period.

China is the world's second-largest insurance market after the United States. The China Banking and Insurance Regulatory Commission allowed foreign investors to raise their stakes in life insurance companies. The removal of the ownership cap enhances the effectiveness of foreign-owned insurers in formulating and executing their business strategy in terms of product offerings, risk management, asset-liability management, corporate governance, and investment allocation approach. Greater participation from institutional investors focused on long-term investment outcomes may help diversify the domestic capital markets and reduce dependency on retail investors.

China's aging population and rising life expectancy created a demand for protection and personal accident and health insurance products to cover morbidity risks. Hybrid insurance products, combining both savings and protection elements, also gained prominence. An increasing middle-income population and the aging population are the key consumer segments for these products.

The impact of COVID-19 on life insurance is mixed. The economic slowdown and implementation of stringent containment measures are hindering agent sales. However, the demand will benefit from the rising risk awareness and increasing focus on protection products, as volatility in the financial markets is undermining the appeal of savings products.

China Life and Non-life Insurance Market Trends

Digital Transformation is Driving the Market

The digital economy is also developing rapidly, and consumers have quickly adapted to digital living. The value of the digital economy reached USD 7.1 trillion in the previous year, accounting for nearly 40% of China's GDP, and online activity has accelerated in response to the social distancing induced by the COVID-19 pandemic. L&H Insurance has undergone significant digitalization across the value chain from distribution and underwriting to claims. Over 80% of new L&H policies are underwritten by online digital applications from all distribution channels.

China Life and Non-life Insurance Market - Digital Infrastructure in China, In Billion USD, 2018-2022

Life Insurance is Dominating the Market

China's Life and Health (L&H) insurance market is growing and introducing a variety of more diversified insurance products. This covers such as critical illness and medical expenses targeted to specific consumer segments. L&H policy terms are continuously improving with clear and detailed coverage specifications, a response to competitive market dynamics and regulatory requirements. The digital economy is also developing rapidly, and consumers have quickly adapted to digital living. These developments are creating a strong rationale for China's L&H insurers to deepen and enhance the capability of digital underwriting, which aims to leverage the fast-increasing accessibility and availability of data to generate insightful applications through computing power and algorithms.

China Life and Non-life Insurance Market - Life Insurance Premiums, China, In Billion USD, 2018 - 2022

China Life and Non-life Insurance Industry Overview

The report covers the major players operating in the life and non-life insurance market in China. The market is consolidated, and the major market share is held by a few companies. The life and non-life insurance market is likely to grow during the forecast period, due to the step taken by the government to deregulate and increase FDI in insurance. Some of the major players in the life and Non-life insurance market include China Life Insurance (Group) Co, China Ping An Insurance (Group) Co, China Pacific Insurance, China People's Insurance Group Co, and Xinhua Insurance.

China Life and Non-life Insurance Market Leaders

  1. China Life Insurance (Group) Co

  2. China Ping An Insurance (Group) Co

  3. China Pacific Insurance

  4. China People’s Insurance Group Co

  5. Xinhua Insurance

*Disclaimer: Major Players sorted in no particular order

China Life and Non-life Insurance Market Concentration
bookmark Need More Details on Market Players and Competitors?
Download PDF

China Life and Non-life Insurance Market News

  • April 2022: China Life Insurance Co and Tokio Marine Newa Insurance Co have recently formed a partnership to cross-sell their insurance products. Under the partnership, China Life's 15,000 sales agents would receive training from Tokio Marine Newa for them to become licensed Tokio Marine sales agents. Once licensed, these sales agents can market Tokio Marine's non-life products, including motor, fire, and travel insurance to their clients.
  • January 2022: AIA Group has completed its investment in China Post Life Insurance, receiving all necessary regulatory approvals to obtain a 24.99% stake in the Beijing-headquartered insurer.

China Life and Non-life Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Technological Advancements are Driving the Market

      2. 4.2.2 Demographic Shifts is Driving the Market

    3. 4.3 Market Restraints

      1. 4.3.1 Regulatory Compliances are Restraining the Market

    4. 4.4 Market Opportunities

      1. 4.4.1 Digital Transformation Creates Opportunities to New Entrants

    5. 4.5 Industry Attractiveness: Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights on Various Regulatory Trends Shaping the Market

    7. 4.7 Insights on Impact of Technology in the Market

    8. 4.8 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

      2. 5.1.2 Non-life Insurance

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 China Life Insurance (Group) Co.

      2. 6.2.2 China Pacific Insurance

      3. 6.2.3 China Ping An Insurance (Group) Co.

      4. 6.2.4 China People Insurance Group Co.

      5. 6.2.5 Taikang Life Insurance Co.

      6. 6.2.6 Xinhua Insurance

      7. 6.2.7 American International Assurance Co. Ltd

      8. 6.2.8 Sunshine Insurance

      9. 6.2.9 Funde Sino Life

      10. 6.2.10 China Taiping Insurance Group Co.*

    3. *List Not Exhaustive
  7. 7. MARKET FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

bookmark You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

China Life and Non-life Insurance Industry Segmentation

Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. Life and non-life insurance are the most widely demanded products. A complete background analysis of China's life and non-life insurance market includes the market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles in the report. The Life and Non-life Insurance Market in China is segmented by Type (Life Insurance and Non-life insurance) and by Distribution Channel (Direct, Agents, Online, and Other Distribution Channels). The report offers market size and forecast in value (USD billion) for all the above segments.

By Insurance type
Life Insurance
Non-life Insurance
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels
customize-icon Need A Different Region Or Segment?
Customize Now

China Life and Non-life Insurance Market Research FAQs

The China Life and Non-life Insurance Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

China Life Insurance (Group) Co, China Ping An Insurance (Group) Co, China Pacific Insurance, China People’s Insurance Group Co and Xinhua Insurance are the major companies operating in the China Life and Non-life Insurance Market.

The report covers the China Life and Non-life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Life and Non-life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

China Life and Non-life Insurance Industry Report

Statistics for the 2024 China Life and Non-life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Life and Non-life Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

China Life and Non-life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)