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China鈥檚 insurance premium revenue growth leads the world
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GROWTH of insurance premium revenue on China's mainland accounted for nearly half of the global premium growth last year driven by China's fast expansion of life insurance market, Allianz Research said in a report.
Global premium income rose 4.4 percent year-on-year to a record of 3,650 billion euros (US$3,937 billion) in 2016, the report said.
China's mainland contributed 70 billion euros of the premium growth, or 1.7 percentage points in the rate of global growth.
Premium income in China's life insurance sector, which rose 31.7 percent or the fastest since 2008, was the main driver of the growth.
Without China, the growth of global life insurance premium income would fall from 4.7 percent to 2.3 percent, according to the report.
It said China's life insurance penetration rate, the rate of premium measured against GDP, reached 2.4 percent last year, overtaking Austria and close to German's 2.7 percent.
Life insurance sector will continue to expand in China with increasing demand to set aside money for their old age, Allianz said.
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