As of end of 2022, the total premium return of the L&H sector was 3.4 trillion yuan ($530 billion), compared with 1 trillion yuan ($161 billion) in 2012. Thus, the average annual growth of the Chinese L&H market is 13%, which is 5 p.p. higher than the national GDP growth rate.
The Internet resource UkrStrakhovanie also knows from the report that a rapid growth of digital economy has a direct impact on digitalization of life and health insurance. The share of new L&H digital policies is 80% of total sales in this sector.
“We believe that the use of digital underwriting applications can unlock a significant business potential for L&H insurers by improving underwriting efficiency as well as innovation promotion,” the report says.
Photos are from open sources.