China to become second biggest insurance market: Swiss Re

6th July 2011, Comments 0 comments

China is expected to become the second-biggest insurance market in the next 10 years, reinsurer Swiss Re said on Wednesday, noting that the Asian giant posted growth of 26.2 percent in 2010 premiums.

"The global market share of emerging countries is expected to continue to increase strongly from today's 14 percent over the next 10 years," said the reinsurer in its study on the insurance industry.

"China is likely to become the second largest insurance market within a decade," it added.

The Asian giant is now the ranked sixth, with insurance penetration at 3.8 percent, far below the 10.1 percent in Japan, 10.5 percent in France and 12.4 percent in Britain.

Overall, global life insurance premiums were up 3.2 percent at $2.52 trillion in 2010, while non-life premiums increased by 2.1 percent at $1.82 trillion.

"The economic recovery should continue and bolster premium growth in the life and non-life sectors globally in 2011," said the reinsurer.

© 2011 AFP

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