Experts unanimously agreed that China will be the world’s largest insurance market by 2028.
Over the next decade, China will unseat the United States (US) in terms of premiums, a report by Atlas Magazine, has shown.
With $1377 billion, or more than 28 per cent of the global turnover, the US is the largest insurance market.
In 2017, life insurance turnover decreased in mature markets (-4per cent in the US, -0.7per cent in the United Kingdom (UK), -2.7per cent in France, -6.1per cent in Japan), regions that generate 45per cent of the global turnover.
On the other hand, during the same period, emerging markets reported significant growth in life insurance (China +21per cent, India +17.4per cent, Indonesia +30.8per cent, Malaysia +8.3per cent, Thailand +8.7per cent, Philippines +4.4per cent). The Chinese market alone accounts for 72per cent of the overall premiums of all afore-mentioned markets.
With current growth rates maintained in both life and non-life insurance, China is expected to take the lead in the coming years.
This performance did not go unnoticed by its first economic rival, the US, which indulged in a commercial standoff with the middle empire. Regulatory changes and the ensuing political tensions will certainly impact an industry characterised by its universal nature.
- Culled from Atlas Magazine
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