Over the past decade, the premium revenue of property insurance companies in China showed significant yearly growth. The growth rate peaked in 2013 with a year-on-year increase of 17.2% and a CAGR of 21.52%. The growth rate began to taper off yearly, with notable drops in 2020, 2021, and 2022, showing less than 1% growth both year-on-year and in CAGR. In 2023, the premium stood at 13.85 hundred billion Yuans Renminbi, reflecting a minimal year-on-year increase of 0.6%. Forecasts from 2024 to 2028 show the premiums growing moderately, with the 5-year CAGR predicting a slow growth rate of 0.38% and an overall increase of 1.92%.
Future Trends to Watch:
- Optimization of digital solutions in underwriting and claims management.
- Impacts of regulatory changes on product pricing and coverage.
- Growth in demand for climate-related risk insurance.
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