Market Insights Financial Insurances Non-life insurances

General Liability Insurance - China

China

The General Liability Insurance market market in China is expected to reach a projected market size of €16.38bn in 2024.
This translates to an average spending of €11.43 per capita in the General Liability Insurance market market for the same year.
The market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 4.05%, resulting in a market volume of €19.98bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium in the General Liability Insurance market market, with an estimated value of €163.7bn in 2024.
China's General Liability Insurance market is experiencing significant growth due to the increasing awareness of risk management among Chinese businesses.

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Analyst Opinion

The General Liability Insurance market in China is experiencing significant growth and evolution. Customer preferences in the General Liability Insurance market in China are shifting towards comprehensive coverage that not only protects businesses from third-party claims but also offers additional benefits such as product liability and professional indemnity coverage. Customers are increasingly looking for tailored insurance solutions that address their specific industry risks and regulatory requirements. Trends in the market show a rise in demand for General Liability Insurance driven by the rapid expansion of small and medium-sized enterprises (SMEs) in China. As more businesses enter the market, there is a growing awareness of the need for liability protection to safeguard against potential lawsuits and financial losses. Additionally, the increasing focus on corporate governance and risk management practices is prompting companies to invest in robust insurance policies. Local special circumstances in China, such as the complex regulatory environment and the prevalence of product quality issues, are influencing the General Liability Insurance market. Insurers in China need to navigate stringent regulations and compliance requirements, which can impact the design and pricing of insurance products. Moreover, the high incidence of product recalls and liability claims in industries like manufacturing and healthcare is driving the demand for specialized liability coverage. Underlying macroeconomic factors, including the steady economic growth and rising disposable incomes in China, are contributing to the development of the General Liability Insurance market. As businesses expand and diversify their operations, they are seeking comprehensive insurance solutions to mitigate risks and protect their assets. The increasing awareness of liability issues among Chinese consumers is also fueling the demand for insurance products that offer financial security and peace of mind.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.