News Life and Health14 Jan 2019

China:Life insurance market forecast to rebound in 2019-2020

14 Jan 2019

China's life insurance sector will see premium growth rebound in 2019 and 2020, reported the Xinhua news agency citing a forecast by global reinsurer Swiss Re Group.

Life insurance premiums in the country are expected to post an annual growth of over 10% in the coming two years, saidthe China Securities Journal quoted Dr Xing Li, an economist analyst with Swiss Re.

The premiums will rebound due to relatively steady economic growth, the weakening effect of previous tougher regulatory policy for investment-linked insurance products, and a relatively low base of comparison in 2018, Dr Xing said.

China's life insurance premiums dipped 4.75% year on year in the first 11 months of 2018 to CNY1.97trn ($290bn), official data show.

2018 total premiums

Meanwhile, the deputy director of the Statistics and Information Department of the CBIRC, Mr Liu Zhiqing, said at a regulatory briefing session that according to preliminary data, total gross premiums in the Chinese insurance industry reached CNY3.8trn in 2018, 3.9% higher than in 2017. Claims and benefits paid out totalled CNY1.2trn, 9.8% higher than in 2017. Total assets in the industry reached CNY18trn at 31 December 2018, 7.2% more than a year previously.
 

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