According to GlobalData, the Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums (DWP).
Despite registering a low growth of 0.7% in 2021 due to a decline in motor insurance, GlobalData suggests that the Chinese general insurance industry is expected to recover in 2022 and continue its growth trend over the next five years.
Shabbir Ansari, Senior Insurance Analyst at GlobalData, commented: The low growth in 2021 was primarily attributed to strict lockdowns due to China’s zero-COVID policy.
Lower vehicle sales also impacted general insurance growth as motor insurance accounts for more than 50% of general insurance premiums.
In the Chinese general insurance market, motor insurance was the largest line, accounting for 56.8% share in terms of DWP in 2021.
by Yana Keller
