China expected to become world’s largest insurance market in the next decade

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The Chinese economy grew 7.7% in Q1, down from 7.9% in Q4 2012, according to China’s National Bureau of Statistics. This is despite forecasts of 8% GDP growth or higher for the first three months of the year.

Despite the disappointing performance the rate remained above the 7.5% full-year target set for 2013 by the government.

Many experts predict China will become the world’s largest insurance market in the next decade. The country’s commercial insurance market has grown by an average of 32% every year since 2000 to become the world’s third largest market, according to Swiss Re Sigma.

The Chinese property and casualty market outpaced GDP expansion for the 10 years to 2010, growing to about $59bn.