China will account for 40% of global non-life premiums in ten years

In 2010, the penetration rate of non-life insurance in China has attained 1.3%. This result remains well below the 3% to 4% in Europe or North America. If the country manages to maintain a growth rate 15% higher than that of GDP, penetration rate will catch up with that of industrialized countries in ten years when premium volumes are set to reach 700 billion USD in non-life business, that is, 40% of the world volume. In 2001, China was ranking 56th in terms of life and non-life premiums volume, while its penetration rate was limited to 2.2%. It is standing in the 39th position in 2010 with a penetration rate of 3.8%. In total, 5% of the world premiums are written in this country in 2010.