Forecast: Gross Premium Income of Life Insurance in China

The gross premium income of life insurance in China has seen a fluctuating but generally upward trend from 2013 to 2023. In 2023, it stood at $308.4 billion USD. From 2013 to 2016, the market experienced a robust growth with year-on-year variations reaching up to 24.57% in 2016. However, the period from 2017 to 2020 saw a slowdown, with occasional declines such as in 2017 and 2020, marking a significant cyclical adjustment.

In 2021, the market began to rebound with an 8.54% increase, continuing this positive trend into 2022 and 2023 with respective year-on-year variations of 2.99% and 2.83%. The compound annual growth rate (CAGR) over the last five years (2018-2023) stood at 3.14%, indicating moderate growth.

• 2013-2016: Strong upward trend with peak growth in 2016.
• 2017-2020: Market adjustments and fluctuation with a year-on-year decline noted in 2017 and 2020.
• 2021-2023: Gradual recovery and moderate growth.
• CAGR (2018-2023): 3.14%.

Looking ahead, the market forecast suggests a continued but modest expansion with a five-year CAGR of 2.11% from 2024 to 2028 and an overall growth rate of 11.03% by 2028. Future trends to watch for include potential regulatory changes, technological advancements in insurance services, and shifts in consumer behavior due to economic conditions.