The China Center for Insurance and Social Security Research, Peking University (CCISSR) released a report last week, predicting that the Chinese insurance industry will record a growth of 12.9% per year from 2010 to 2020, representing 250% of the global average in the corresponding period.
By 2020, China is likely to take 8.7% of the worldwide insurance market, becoming the third biggest insurance sector globally.
Analysis pointed out that if GDP growth ranges from 6% to 10% from 2011 to 2020, the yearly growth of the Chinese insurance industry may vary from 8% to 18.9% or from 8.8% to 16.6%, more precisely. The average prediction is 12.9%. By 2020, the premium income recorded by the Chinese insurance industry is expected to represent 390% of the figure in 2010.