The Chinese motor insurance industry is set to grow at a compound annual growth rate (CAGR) of 5.4% from CNY912.2 billion ($127.4 billion) in 2024 to CNY1,125.7 billion ($158.9 billion) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company.
GlobalData’s Insurance Database reveals that the Chinese motor insurance industry is expected to grow by 5.2% in 2024, supported by rising vehicle sales, growing demand for new energy vehicles (NEVs), and favorable regulatory developments.
Sutirtha Dutta, Insurance Analyst at GlobalData, comments, “The Chinese motor insurance market has witnessed a consistent growth of 5.6%
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