| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
China Life and Non-life Insurance Market Analysis
The China Life and Non-life Insurance Market is expected to register a CAGR of greater than 3% during 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.
Understand The Key Trends Shaping This Market
Download PDF
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.
Get Analysis on Important Geographic Markets
Download PDF
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
-
China Life Insurance (Group) Co
-
China Ping An Insurance (Group) Co
-
China Pacific Insurance
-
China People’s Insurance Group Co
-
Xinhua Insurance
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competiters?
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 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 |
Need A Different Region or Segment?
Customize Now
China Life and Non-life Insurance Market Research FAQs
What is the current China Life and Non-life Insurance Market size?
The China Life and Non-life Insurance Market is projected to register a CAGR of greater than 3% during the forecast period (2025-2030)
Who are the key players in China Life and Non-life Insurance Market?
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.
What years does this China Life and Non-life Insurance Market cover?
The report covers the China Life and Non-life Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the China Life and Non-life Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
China Life and Non-life Insurance Industry Report
Statistics for the 2025 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 for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
