In 2023, the claim and payment of personal accident insurance by life insurance companies in China was at a certain benchmark value, marking a base for the forecasted data for 2024 onwards. The forecast from 2024 to 2028 shows a gradual increase, indicating a stable trend in the total value of claims and payments, with minor year-on-year growth ranging from a low 0.70% to almost 0.63% annually. The compound annual growth rate (CAGR) over the past five years suggests steady growth, reflecting stability in market dynamics.
Future trends to monitor include:
- The impact of regulatory changes in the insurance sector on claim processing and payment.
- The influence of digital transformation and technology adoption on operational efficiency.
- The potential effects of demographic shifts and economic factors on future claim volumes.
- Innovations in product offerings that might alter policyholder behavior and claim frequencies.