China’s personal insurance sector is predicted to grow in the range of 5% to 10% by 2035, a potential expansion primarily driven by the relatively untapped market for pension and health insurance in the country, according to a recent report by BCG.
With an ageing population, increased health awareness post-COVID, and a prevailing low interest rate environment China’s personal insurance sector is poised for a growth spurt, analysts argue.
BCG projects that personal and health insurance, which have so far remained relatively unexplored, will present significant opportunities for growth within the sector over the next decade.
The firm estimates that these product lines will comprise approximately 50% of China’s personal insurance market by the year 2035.
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