The Gross Premium Income of primary insurance in China showed a consistent growth from 2013 to 2018 with a peak in 2016 at 466.1 billion USD and minor fluctuations subsequently. By 2023, the value stood at 569.6 billion USD, marking a recovery and growth trend. The year-on-year increase for 2022 and 2023 was 3.31% and 3.15%, respectively. Over the last five years, the Compound Annual Growth Rate (CAGR) averaged 3.52%, depicting moderate growth. Projected data from 2024 to 2028 indicates a gradual increase with a forecasted five-year CAGR of 2.32%, resulting in a 12.16% overall growth by 2028 to 660.23 billion USD.
Future trends to watch for include potential impacts of regulatory changes, evolving consumer demand for new insurance products, and digital transformation driving efficiency and customer engagement in the primary insurance sector.
