China is set to overtake Japan as the world’s second-biggest market for insurance this year, according to the chairman of the China Insurance Regulatory Commission.
China’s total insurance revenues increased from 1.6 trillion yuan in 2012 to 2.4 trillion in 2015 with double-digit growth each year.
CIRC Chairman Xiang Junbo said Thursday that revenues have already hit 1.9 trillion yuan in the first half of 2016. Xiang says that if the momentum continues, China will become the second biggest market for insurance in terms of revenue volume later this year.