Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China to overtake U.S. as world's biggest insurance market

July 08, 2019


Abstract : China is expected to surpass the United States to become the world's largest insurance market in the mid-2030s, according to a report from Swiss Re Institute.

BEIJING, July 7 (Xinhua) -- China is expected to surpass the United States to become the world's largest insurance market in the mid-2030s, according to a report from Swiss Re Institute.

China consolidated its position as the second largest insurance market globally in 2018, with total premiums reaching 575 billion U.S. dollars. However, the Chinese market is currently still less than 40 percent of the size of the U.S. market and is also smaller than the three largest markets in Europe - Britain, Germany and France - combined.

The shortfalls serve to highlight the catch-up potential. Swiss Re Institute forecast that the Asia-Pacific region will account for 42 percent of the global premiums by 2029, mainly driven by China.

China's share of the global premiums went from zero in 1980 to 11 percent in 2018 and is forecast to reach 20 percent over the next decade and then surpass the U.S. as the biggest market in the mid-2030s.

Global insurance premiums passed the 5 trillion dollar mark for the first time in 2018, equivalent to more than 6 percent of the world's gross domestic product, the report said.

Led by the emerging markets, global insurance premiums are likely to grow by 3 percent in real terms over the next two years. Life premiums will increase by 2.9 percent, well above the 0.6 percent annual average of the previous 10 years, with a bounce back in China as the main driver.

Scan the QR code and push it to your mobile phone

Keyword: insurance-companies china-economy

Reading:

Eastern China city inscribed on UNESCO's World Heritage List

China-Europe aviation logistics helps BRI go deeper

Garbage sorting generates high-paying jobs: agency

Haier Europe sticks to localization strategy, advancing implementation of BRI

Second Belt & Road conference for Chinese, Italian enterprises held in Milan, Italy

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial