Insurance market in China in the Q1 2024 reported primary insurance premium income of $302.7 bn, an increase of 5%, according to the China National Financial Regulatory Administration, responsible for overseeing the stability and compliance of China’s financial sector.
CNFRA published its supervisory statistics for Q1 2024, revealing notable increases in insurance premiums and new policy numbers.
Insurance claim and benefit payments reached $1 bn, a 47.8% increase year-on-year. Additionally, 20.6 bn new insurance policies were issued, up 30.1% from the same period last year.
Key figures of the Chinese insurance market
- Property and casualty insurance companies’ assets: $400 bn, a 4.4% increase.
- Personal insurance companies’ assets: $4 trln, a 4.4% increase.
- Reinsurance companies’ assets: $107 bn, a 3.8% increase.
- Insurance asset management companies’ assets: %16 bn, a 14.9% increase.
- Comprehensive solvency ratio of the insurance sector: 195.6%.
By the end of Q1 2024, large insurance companies’ total assets stood at $ 4.6 trln, a rise of $193 bn or 10.4% since the year’s start.
Property and casualty insurance companies’ assets totaled $400 bn, a 4.4% increase. Personal insurance companies held $4 trln in assets, also up by 4.4%.
Reinsurance companies’ assets amounted to $107 bn, marking a 3.8% rise. Insurance asset management companies had $16 bn in assets, reflecting a 14.9% increase.
Life insurance market in China is set to grow at a compound annual growth rate (CAGR) of 6.3% to $665.6 bn in 2026, in terms of direct written premiums (DWP).
The insurance sector’s comprehensive solvency ratio was 195.6% by the end of Q1 2024, with a core solvency ratio of 130.3%.
Property and casualty insurance companies had a comprehensive solvency ratio of 234.1% and a core solvency ratio of 206.3%. Personal insurance companies had ratios of 186.2% and 113.5%, respectively. Reinsurance companies had ratios of 264.4% and 229.1%, respectively.
Driven by investments from insurers to upgrade the quality of advisory services through training, the agency channel registered a 2.2% growth last year, while bancassurance recorded a 3.9% growth.
by Yana Keller
