New motor insurance reforms in China

motor insuranceAccording to the Swiss Re Institute, new motor insurance reforms in China will lead to increased price volatility in the short term. Insurers are also forecasting a 5% decrease of premiums in 2021.

The reforms introduce higher coverage limits and more flexible pricing. However, analysts expect total premiums to grow by 3% in 2022. Policyholders would benefit from lower prices, more coverage options and better protection.

With 260 million insured vehicles in 2019, China is the world's second largest automobile market. The total motor premiums underwritten in 2019 amounted to 122 billion USD.

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