China Life and Non-life Insurance Market Size

Statistics for the 2023 & 2024 China Life and Non-life Insurance market size, created by Mordor Intelligence™ Industry Reports. China Life and Non-life Insurance size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of China Life and Non-life Insurance Industry

China Life and Non-life Insurance Market Summary
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


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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 Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)