Life premiums in China to climb 15%

January 3 2018 by InsuranceAsia News Staff

Premiums to be collected by China’s life insurance companies are expected to surge at an average rate of 15% per year in real terms from 2018 to 2019, according to a report from Swiss Re.

The report cited increasing household income in China, as well as the growing awareness of people on the concept of risk management.

Among the products that are gaining more popularity in the market are critical illness insurance, medical expenses insurance and others related to health.

Over the past six years, the number of policies and the sum insured for critical illness coverage have already doubled.

What is noteworthy, too, is that life insurers are now crafting more protection-type products.

Swiss Re said that given the country’s aging population, the pension industry is also set to reach a golden period in the next 10 to 15 years.