Growth will be supported by economic recovery, increased sales channels, market innovations and the demographic situation in the country. Along with the life insurance industry, the general insurance market is also expected to grow.
Deblina Mitra, Senior Insurance Analyst at GlobalData, commented: “Life insurance companies are the main distribution channel for savings and investment products. More than 85% of affluent people in China prefer life insurance when planning their inheritance. Over the next five years, the wealthy population is expected to grow by an average of 9% per year, which will increase the demand for life insurance.”
The Chinese life insurance industry has also benefited from the growing demand for accident and health insurance driven by increase in the number of private medical institutions and income of the population. “Whole life and annuity insurance are becoming more and more popular. The main consumers of these products are the middle-income population.”
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