Life insurance premiums projected to rise 15%

China’s life insurance premiums are forecast to rise by an average of 15 percent per year in real terms from 2018 to 2019, supported by increasing household income and rising risk awareness, a report from Swiss Re showed.

Critical illness insurance, medical expense insurance and other health insurance is getting popular in the market. Over the past six years, the number of policies and the sum insured for critical illness policies have doubled over past five years.

Life insurers are actively developing protection-typed products. With aging becoming a bigger issue, the pension industry will experience a golden period in the next 10 to 15 years, the Swiss Re report showed.

And Life insurers are embracing the advancements in fintech and medical science, with management from extensive level to meticulous stage.

China’s total life insurance premiums are estimated to have increased by 22.5 percent in real terms in 2017. The strong growth was driven by increasing penetration of health insurance, rising demand for protection-typed life insurance, and expanding sales through new distribution channels including the internet.