In the past several years, economic growth in China has slowed from from 10.6 percent to 6.7 percent in 2016. Conversely, the digital economy has grown by 20 percent annually. An article published in the June/July issue of the Actuary Magazine details how this changing economic environment has affected the insurance markets in China. Life insurance remains the largest market, but health is quickly catching up, noting that “It is estimated that during 2016, the insurance premium growth in China represented 47 percent of the global growth in insurance premiums”.
The full article delves into recent regulatory developments and their impact on the growing actuary markets, allowing for more market forces, improving customer services and sales practices, improving capital management and market stability, and more. It also outlines the possible future trends as theorized by actuary experts.
To read more about the growth of the actuarial industry in China, follow the link below. This article is especially useful for actuaries with interests in China as well as better understanding future changes in domestic markets. Read the full article here.