China will be the second largest life insurance market in 2020

As of 2020, the Chinese life insurance market will be the second largest one in the world behind the one of the United States. The insurance penetration rate is of 2.6% in 2010. The period extending from now till 2015 will be marked by a substantial growth of life insurance. Many factors account for the development of this class of business: the structure of age pyramid, the solid economic performance, the rising income of middle class people and the acknowledgement of insurance usefulness. China is currently the sixth life insurance market worldwide and the second in Pacific Asia.