Forecast: Premium of Family Property Insurance in China

Based on the provided data, the premium of family property insurance in China has demonstrated significant growth from 2013 to 2023. In 2023, the premium stood at 112.73 hundred million Yuan Renminbi. Over the last two years, premiums increased by 6.89% year-on-year in 2023 and 7.44% year-on-year in 2022. Examining a five-year period, the compound annual growth rate (CAGR) from 2018 to 2023 was 7.99%. The forecast data from 2024 onwards indicates a relatively stable growth rate with a five-year CAGR forecast of 4.36%, leading to a forecasted value of 148.52 hundred million Yuan by 2028, signifying a 23.81% growth from 2023.

Future trends to watch for include:

• Increased urbanization and property ownership in China, which may drive higher demand for family property insurance.
• Regulatory changes that could impact premium rates and coverage requirements.
• Technological advancements in underwriting and claims processing, potentially making insurance products more accessible and efficient.
• Emerging risks such as natural disasters and climate change, which might influence premium calculations and risk assessments.