The motor insurance industry in China is projected to grow at a compound annual growth rate (CAGR) of 4.5% from CNY871.2 billion ($129.1 billion) in 2023 to CNY1.1 trillion ($171.9 billion) in 2028, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company.
According to GlobalData’s Insurance Database, China’s motor insurance industry growth is expected to peak at 6.1% in 2023. The growth will be supported by increasing demand for new energy vehicles (NEVs) and favorable regulatory reforms to increase the pricing cap for commercial motor insurance.
Sravani Ampabathina, Insurance Analyst at GlobalData, comments,
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