Forecast: Premium of Personal Accident Insurance of Life Insurance Companies in China

The premium for personal accident insurance of life insurance companies in China has seen a notable shift over the past decade. Starting at 310.41 hundred million Yuans Renminbi in 2013, premiums grew rapidly until 2018, reaching a peak of 658.96 hundred million Yuans. However, from 2019 onwards, premiums began a steady decline, standing at 502.22 hundred million Yuans in 2023. This reflects a transition from double-digit year-on-year growth rates to consistent negative growth from 2019 onwards.

Year-on-year variation highlights a reduction in growth from 19.55% in 2013 to -6.92% in 2023. The Compound Annual Growth Rate (CAGR) over the years has moved from a positive 18.86% in 2013 to a negative -5.29% in 2023. Forecasts suggest a continued decline in premiums with a forecasted 5-year CAGR of -4.15%, reaching 380.26 hundred million Yuans by 2028, marking a further predicted contraction of around -19.1% from 2024 onwards.

Future trends to watch for:

• The impact of regulatory changes and economic factors on insurance uptake.
• Technological advancements in insurance offerings and their influence on consumer behavior.
• Emerging risks and the introduction of new insurance products targeting evolving customer needs.