China insurance industry in figures 1980-2017

The Chinese insurance industry’s underwriting reached 541.45 billion USD in 2017, up by 16.2% compared to the 466.13 billion USD reported in 2016 while global premiums increased by only 4%.
China - Chinese insurance market

With these results, China insurance market ranks second worldwide after the United States (1 377 billion USD). It is ahead of Japan (422.05 billion USD) and the United Kingdom with 283.33 billion USD in premiums.

With a turnover of 317.57 billion USD in 2017, life class of business reported the highest growth, that is 21%. This rate is well above the 2.9% reported worldwide. The life class of business penetration rate, which is only 2.59% in China, suggests a strong margin of growth in this sector.

The non-life business has increased by 10%, rising from 203.52 billion USD in 2016 up to 223.88 billion USD in 2017. This progression, although more moderate than that of the life business, remains well above the global one reported for the non-life, set at 5.4% in 2017.

Evolution of China’s insurance industry 1980-2017: premiums statistics

china insurance premium 1980 2017

Source : Atlas Magazine

In China insurance industry has grown tremendously over the last ten years. Between 2007 and 2017, premiums had increased almost six fold from 92.46 billion USD to 541.45 billion USD.

Market share in global insurance increased from 2% in 2007 to 11% ten years later (see table below).

China insurance industry 1980-2017: Evolution of premimus and market shares

In billions USD

YearsLife premiumsNon life premiumsTotal premiumsGrowth rateTotal global premiumsChinese market share
1980-0.190.19-466.100.04%
19901.181.973.15-1 407.580.22%
200010.28919.28-2 490.700.77%
200758.6733.7992.4631%4 131.222%
200895.8144.98140.7952%4 182.393%
2009109.1753.87163.0416%4 073.524%
2010143.0171.63214.6432%4 309.665%
2011134.5787.34221.913%4 570.655%
2012141.19104.29245.4811%4 611.075%
2013153.3126.82280.1214%4 611.936%
2014176.95151.49328.4417%4 781.257%
2015210.76175.74386.518%4 599.858%
2016262.62203.52466.1421%4 702.8410%
2017317.57223.88541.4516%4 891.6911%

China insurance industry in 2017, the driving force

In recent years, China has contributed significantly to the global growth of the insurance market. In 2017, total global premiums increased by 4%, going from 4 702.84 billion USD in 2016 up to 4 891.694 billion USD a year later. This growth is particularly sustained by the emerging markets, led by the Celestial Empire, which alone posted a 16% growth.

China life insurance industry in 2017

It is in life insurance that China stands out the most, achieving a 21% growth in 2017, against a modest 2.9% worldwide. In a context of low interest rates, the life business is stagnating in mature markets. In contrast, in China, interest rate liberalization and government efforts to encourage the growth of pension products have contributed significantly to the growth of this activity.

China is now the second largest market after the United States, contributing with nearly 12% of global underwritings.

China non-life insurance industry in 2017

China is also the world's second largest non-life insurance market, significantly contributing to the growth of the industry internationally.

In 2017, non-life premiums rose by 10% in China, well above the global market rate set at 5.4%.

Ranking of Chinese insurers and 2017 turnover

China : Main economic highlights 2007-2017

 20072017
Annual GDP’s growth rate
14.23%6.2%
GDP
3 552 billion USD12 238 billion USD
Population
1 317 885 000 inhabitants1 386 395 000 inhabitants
Total life and non-life premiums
92.460 billion USD541.450 billion USD
Total life premiums
58.670 billion USD317.570 billion USD
Total non life premiums
33.790 billion USD223.880 billion USD
Share of the global insurance market
2%11%
Insurance penetration rate
2.7%4.6%
Market density
70.158USD390.545USD
Number of local insurance companies
62119
Number of foreign insurance companies
4550
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