China’s insurance sector has posted a stable growth for the first quarter of 2023 as it reached $4.04 trillion (CNY28.4 trillion) in net worth.
The official data, which comes from the country’s National Financial Regulatory Administration, also revealed that the Q1 figures are up from the beginning of the year by 4.5%.
According to a report from China Daily, the sector’s income from premiums grew by 9.2% on a YoY basis to $270.45 billion (CNY1.9 trillion). Compensations and payouts, on the other hand, reached $70.16 billion (CNY193.2 billion) during the same period, representing a 9.3% uptick YoY.
China’s boom in the sector is attributable to the growth in Asia, as well as the recent findings that reveal a compound annual growth rate (CAGR) of 17.3% for the global travel insurance market. Chinese spending on Hong Kong insurance is also reportedly going back to pre-pandemic levels as the nation starts to ease its pandemic restrictions.
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