The claim and payment of life insurance companies in China has shown a significant upward trend from 2013 to 2023. Starting at 2.66 hundred billion Yuan Renminbi in 2013, there was a strong growth reaching 7.91 hundred billion Yuan by 2023. The year-on-year variations have generally trended positively, although fluctuations exist, such as notable increases of 46.07% in 2013, 30.11% in 2015, and smaller growths and even minor drops in some years, like a 3.88% decrease in 2019. The compound annual growth rate (CAGR) over the last five years averaged at 6.24%.
Forecast for the period from 2024 to 2028 indicates continued growth, though at a slightly reduced predicted CAGR of 4.74%, leading to an anticipated value of 10.68 hundred billion Yuan by 2028. This represents a 26.07% total growth over five years.
Future trends to watch for include potential regulatory changes, economic fluctuations, and advancements in technology which might impact the industry. Additionally, shifts in demographics and increasing public awareness of insurance benefits could further drive growth in the life insurance sector in China.
