Market Insights Financial Insurances Non-life insurances

Property Insurance - China

China

The Property Insurance market market in China is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach a substantial value of €183.00bn.
This indicates a promising opportunity for insurers in the country.
In 2024, the average spending per capita in the Property Insurance market market is estimated to be €127.80.
This demonstrates the growing awareness and importance of insurance coverage among individuals in China.
Furthermore, the market is expected to maintain a steady annual growth rate of 2.43% from 2024 to 2029, resulting in a market volume of €206.30bn by the end of this period.
This emphasizes the sustained demand and potential profitability of the Property Insurance market sector in China.
When comparing the global market, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to €220.6bn.
This highlights the dominance of the US market and its significant contribution to the global Property Insurance market industry.
To summarize, the Property Insurance market market in China is poised for substantial growth, with a projected market size of €183.00bn and an average spending per capita of €127.80 in 2024.
With a steady annual growth rate, the market volume is expected to reach €206.30bn by 2029.
However, it is worth noting that the United States will continue to lead the global market with a gross written premium of €220.6bn in 2024.
China's property insurance market is experiencing rapid growth, driven by increased urbanization and infrastructure development.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

In recent years, the Property Insurance market in China has been experiencing significant growth and development. Customer preferences in China are shifting towards comprehensive property insurance coverage to protect their assets from various risks such as natural disasters, theft, and accidents. One of the key trends in the Property Insurance market in China is the increasing demand for online insurance services, with more customers opting to purchase policies through digital platforms for convenience and efficiency. Local special circumstances, such as the rapid urbanization and infrastructure development in China, have led to a greater need for property insurance to safeguard the increasing number of residential and commercial properties in the country. Underlying macroeconomic factors, including the overall economic growth, rising disposable incomes, and government initiatives to promote insurance coverage, are also contributing to the expansion of the Property Insurance market in China.

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.