The primary insurance premium market in China has demonstrated significant growth over the past decade, starting from 172.22 billion yuan in 2013 and reaching 496.27 billion yuan in 2023. The market saw the most substantial growth between 2014 and 2017 with year-on-year variations peaking at 27.27% in 2016. However, the growth rate has moderated in the recent years with the most current year-on-year growth in 2023 being 4.96%. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 5.48%.
As we look into the future, the forecasted data from 2024 onwards indicates a continued upward trend in the premium of primary insurance, reaching 610.02 billion yuan by 2028. The forecasted CAGR for the next five years (2024-2028) is 3.27%, indicating a steady growth albeit at a slower pace than previous years. The projected total growth rate for this period is 17.43%.
Future trends to watch for include technological advancements in insurance platforms, regulatory changes, and evolving customer expectations that may impact growth rates. Additionally, increased competition and global economic factors could influence the trajectory of the market.
