Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s China Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for China includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Total GWP (USD)
Insurance Penetration (%)
China is the fourth largest country in the world after Russia, Canada and the US. as ruled by an emperor until the republican revolution in 1911. It is a one-party state ruled by the Chinese Communist Party. The party has increased its grip on power since Xi Jinping became president in March 2013 and abolished presidential term limits in March 2018.
As a result of more than two decades of export-led growth China now has the second largest economy in the world after the US, with a GDP of approximately USD 15,805,596.72 mn.
Non-life insurance premiums grew in 2019 to CNY 1.30trn, mainly because of increasing government support for agriculture, health and liability lines. Non-life insurance penetration (excluding accident and health) was 1.34% of GDP, equivalent to around USD 131.41 per capita.
The Chinese non-life market comprises 67 domestic companies and 22 foreign subsidiaries. The market is dominated by the state insurance company, the People's Insurance Company of China. The foreign subsidiaries had a collective market share of slightly under 2.0%.