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Aug 2020

China expected to lose crown as fastest- growing insurance market in Asia

Source: Asia Insurance Review | Aug 2020

China is no longer going to be the frontrunner in the region with respect to expected growth over the next decade according to a report by Allianz and Euler Hermes titled ‘Allianz Insurance Report 2020 – Skyfall’.
 
With a compound average growth rate of 9.5%, the mainland Chinese insurance market will be outpaced by countries with higher backlog demand such as Indonesia and Vietnam.
 
However, China – already the largest insurance market by premium income in Asia – is expected to increase its market share in emerging Asia (excluding Japan) further from 48% today to 55% in 2030.
 
This is despite the fact that China saw one of the weakest first quarters in insurance market growth in the last 20 years due to the COVID-19 pandemic. A 
 
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