China

China to become world's largest insurance market by mid-2030s

A report from Swiss Re forecasts that emerging market premiums will more than double over the next decade from USD1.1 trillion in 2018 to USD2.9 trillion in 2028, outpacing advanced market premium growth.

It is expected China will surpass the United States to become the world's largest insurance market by the mid-2030s. The GDP per capita growth has increased at a five-year CAGR of 8.2 percent, and more than a third of provinces reached above 63,740 yuan ($9,500) in 2018 – an income level associated with high income elasticity of insurance demand.

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