China P&C Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 242.12 Billion |
| Market Size (2029) | USD 341.49 Billion |
| CAGR (2024 - 2029) | 7.12 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China P&C Insurance Market Analysis
The China Property & Casualty Insurance Market size in terms of gross written premiums value is expected to grow from USD 242.12 billion in 2024 to USD 341.49 billion by 2029, at a CAGR of 7.12% during the forecast period (2024-2029).
Property and Casualty (P&C) insurance market is one of China's largest insurance, offering a wide variety of products to protect individuals and businesses from damage, liabilities and other risks. As one of the largest insurance markets in the world, the P&C insurance industry in China has seen rapid development in recent years, driven by the country's rapid urbanization, economic growth, government initiatives, and rising awareness of risk management. These factors will continue to drive the growth of the Chinese P&C insurance Market in the coming years. The growth in technological advancement is having a positive impact on the growth of the P&C insurance market. Companies operating in the property and casualty insurance market are adopting new technologies to sustain their position in the market. Furthermore, the growth of the market has been driven by government initiatives to encourage insurance coverage and the emergence of insurtech companies.
However, insurers are facing challenges in terms of competition, regulatory complexity, and the impact of calamity events. While the industry offers considerable growth potential, it also has challenges, such as competitive pressure and exposure to disaster risks. The outlook for the P&C Insurance market in China remains positive as long as insurers continue to adjust to evolving consumer needs, adopt digital transformation, and focus on risk analysis and mitigation.
China P&C Insurance Market Trends
Online Insurance and Digitalization is Driving the Market
The online insurance segment witnessed the fastest growth in China's P&C Insurance market during the forecast period. Because of the easiness of buying online insurance policies, guidance provided regarding discounts, offers, and plans by aggregators boosts the confidence of consumers in buying online insurance. Also, the growing penetration of the internet contributes to the growth of this segment. For instance, in China, there were 1.052 billion internet users at the start of 2023, when internet penetration stood at 73.5%. Furthermore, Fintech is booming, and it’s spreading to the insurance industry. Insuretech is using big data, IoT, block chain and cloud computing to enhance existing insurance products, create new insurance products and revolutionize the industry. In China, where the insurance market is growing at a double-digit rate, the disruption caused by Insuretech is revolutionizing the insurance industry. One of the reasons for this is that the Chinese are rapidly adopting and using online ecosystems. Another reason is that Insuretech is supported by a regulatory environment that encourages innovation. As a result, the insurance industry is being transformed by the emergence of new players in the Insuretech space. Some of these players are integrating insurance products in online ecosystems and promoting innovative innovations.
Increasing Automobile Sales Witnessing Upward Trend of China P&C Insurance Market
In November 2023, China’s vehicle sales increased 27.4% year-over-year (YoY) to 2.97 million units. This was the fourth month in a row of growth, following a 13.8% YoY increase in October. Sales of energy vehicles increased 30% YoY. In the first 11 months of 2023, sales of new vehicles increased 10.8% compared to a YoY increase of 3.3% in 2022. Energy vehicle sales increased 36.7% YoY. Major four-wheeler companies like BYD, Volkswagen, Toyota, Nissan, and Honda recorded the highest growth in annual sales. The growth in sales numbers highlights the increasing demand for cars in China. Moreover, China saw a strong surge in demand for personal mobility and last-mile deliveries post-pandemic. This increasing trend of automobile sales has risen in the China P&C insurance industry.
China P&C Insurance Industry Overview
The report covers the major players operating in the property and casualty insurance market in China. The market is fragmented. However, it is expected to grow during the forecast period due to an increase in insurtech start-ups, insurance contracts, and other contracts. Among the companies operating in China for P&C insurance are China People's Insurance (PICC), Ping An Insurance, China Pacific Property Insurance Co, China Life Property And Casualty Insurance Co, China United Property Insurance Co, China Continent Property & Casualty Insurance Co, Sunshine Property and Casualty Insurance Co, Taiping General Insurance Co., and they are competing for an increase in their market share in China by launching new insurance products and attracting customers.
China P&C Insurance Market Leaders
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People's Insurance Company of China Co., Ltd
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Ping An Insurance
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China Pacific Insurance Company Limited
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China Continent Property & Casualty Insurance Company Limited
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China Life Insurance (Group) Company
*Disclaimer: Major Players sorted in no particular order
China P&C Insurance Market News
- January 2024: Generali announced that it would be acquiring a 100% stake in its Chinese property-casualty (P&C) insurance subsidiary, previously 49% owned by the Italian group.
- May 2023: BYD, the Chinese electric vehicle (EV) manufacturer, announced that it acquired Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates. The CBIRC approved BYD's 100% acquisition.
China P&C Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Economic Growth and Rising Awareness of Risk Management
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4.3 Market Restraints
- 4.3.1 Intense Competition and Regulatory Complexities
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4.4 Market Opportunities
- 4.4.1 Digital Transformation by the Companies
- 4.5 Value Chain Analysis
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4.6 Industry Attractiveness: Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Suppliers
- 4.6.2 Bargaining Power of Buyers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Insights into Key Trends and Technological Advancements in the Industry
- 4.8 Insights on Various Regulatory Trends Shaping the Market
- 4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Line of Business
- 5.1.1 Motor Insurance
- 5.1.2 Enterprise Property Insurance
- 5.1.3 Home Insurance
- 5.1.4 Liability Insurance
- 5.1.5 Marine Insurance
- 5.1.6 Other Non-Life Insurance
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5.2 By Distribution Channel
- 5.2.1 Direct Sales
- 5.2.2 Individual Agency
- 5.2.3 Online
- 5.2.4 Bancassurance
- 5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 PICC Property & Casualty Company Limited
- 6.2.2 Ping An Insurance
- 6.2.3 China Pacific Insurance Company Limited
- 6.2.4 China Life Property & Casualty Insurance Company Limited
- 6.2.5 China Continent Property & Casualty Insurance Company Limited
- 6.2.6 China United Insurance Service Inc.
- 6.2.7 Sunshine Insurance Group
- 6.2.8 China Taiping Insurance Group Ltd.
- 6.2.9 China Export & Credit Insurance Corporation
- 6.2.10 Tian an Property Insurance Company *
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityChina P&C Insurance Industry Segmentation
Property and Casualty Insurance is the type of coverage that protects the policyholder's things and property, such as home, car, and other belongings. It also includes liability coverage, which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of China's property and casualty insurance market.
The Chinese property & casualty insurance market report covers various types of insurance available in the current insurance market Scenario, along with the distribution channels used by insurance companies. In addition to a detailed study presenting the impact of political and economic aspects governing the Chinese market, digital innovations re-shaping the insurance sector in the country are presented in the report. The property and casualty insurance market is segmented by line of business and by distribution channels. By line of business, the market is segmented as motor, corporate property, liability, home, engineering, and marine. By distribution channels, the market is segmented as direct sales, individual agency, cross-border JV, and cross-sector.
The market size and forecasts are provided in terms of value (USD) for all the above segments.
| By Line of Business | Motor Insurance |
| Enterprise Property Insurance | |
| Home Insurance | |
| Liability Insurance | |
| Marine Insurance | |
| Other Non-Life Insurance | |
| By Distribution Channel | Direct Sales |
| Individual Agency | |
| Online | |
| Bancassurance | |
| Other Distribution Channels |
China P&C Insurance Market Research FAQs
How big is the China Property & Casualty Insurance Market?
The China Property & Casualty Insurance Market size is expected to reach USD 242.12 billion in 2024 and grow at a CAGR of 7.12% to reach USD 341.49 billion by 2029.
What is the current China Property & Casualty Insurance Market size?
In 2024, the China Property & Casualty Insurance Market size is expected to reach USD 242.12 billion.
Who are the key players in China Property & Casualty Insurance Market?
People's Insurance Company of China Co., Ltd, Ping An Insurance, China Pacific Insurance Company Limited, China Continent Property & Casualty Insurance Company Limited and China Life Insurance (Group) Company are the major companies operating in the China Property & Casualty Insurance Market.
What years does this China Property & Casualty Insurance Market cover, and what was the market size in 2023?
In 2023, the China Property & Casualty Insurance Market size was estimated at USD 224.88 billion. The report covers the China Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Property and Casualty Insurance Industry Report
Statistics for the 2024 China Property and Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Property and Casualty Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
