A visitor has her blood pressure measured by a smart sphygmomanometer during an "Internet plus healthcare" exhibition of the fourth China-Arab States Expo in Yinchuan, northwest China's Ningxia Hui Autonomous Region, Sept. 6, 2019. (Xinhua/Feng Kaihua)
BEIJING, Oct. 29 (Xinhua) -- China saw the premium income of health insurance rise 17 percent year on year to 666.6 billion yuan in the first three quarters, bucking against the downward trend of the entire insurance industry, according to the latest data released by China Banking and Insurance Regulatory Commission (CBIRC).
Analysts attributed the accelerated recovery of health insurance business to the rapid increase in consumers' demand for health risk management amid the COVID-19 pandemic.
Moreover, China's health insurance business remains a blue ocean market. With favorable policy regulatory environment, insurers become inclined to health insurance, which promotes the rapid growth of the business, analysts said.
Chinese medical and health market is huge. The market size is expected to reach 16 trillion yuan in 2030, up from 6 trillion yuan in 2019, said Chen Xinying, co-CEO with Ping An Insurance (Group) Company of China, Ltd.
Recently, large-scale insurance companies in China have taken frequent actions to invest in health insurance business.
For example, China Life Insurance Co., Ltd. (601628.SH) and Wonders Information (300168.SZ) reached a strategic cooperation agreement of up to 4.3 billion yuan earlier this month to jointly develop a health management platform. In September, China Pacific Insurance (Group) (601601.SH) officially kicked off its health strategy for 2020 to 2025, vowing to become a leading healthcare service provider in China in five years.
Small and medium-sized insurance companies have also paid attention to advancing health insurance business. For instance, Aixin Life insurance company is actively promoting the launch of long-term medical insurance and special major illness insurance schemes for the diabetic population, according to an executive with the insurer. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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