The Chinese property insurance business is set to grow at a CAGR of 12.1% over 2024-28, from CNY271bn ($40.5bn) in 2024 to CNY428.3bn ($67.7bn) in 2028.
This is according to GlobalData, which also found that the Chinese property insurance industry is expected to grow by 12.3% in 2024. This is thanks to positive regulatory developments as well as an increase in want for fire and home multi-risk property insurance.
Manogna Vangari, insurance analyst at GlobalData, commented: “The Chinese property insurance industry witnessed a growth of 15.9% in 2023 due to higher demand for policies covering NatCat events, growing demand for agriculture insurance, and investments in infrastructure projects. The trend is expected to continue in 2024, which will support property insurance growth.”
China is the largest agricultural-producing country in the world. Agricultural insurance is the largest product within the property insurance segment and is estimated to grow by 15.3% in 2024. The growth in agriculture insurance will be supported by an increased frequency of extreme climate conditions such as heat waves and heavy rains in the country.
In May 2023, the Insurance Association of China issued new standards to unify the online operation of agricultural insurance underwriting and settlement. The implementation of new guidelines will help local regulatory agencies and insurance institutions with faster underwriting and claim settlements and improve the overall management of agricultural insurance.
Vangari added: “Regulatory reforms aimed at streamlining online operations and improving the actuarial system of agriculture insurance will help in increasing agriculture insurance uptake and support the growth of property insurance.”
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