China's life insurance premium to surge in 2013

Updated: 2013-01-15 20:22


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China's life insurance premium is expected to grow 12 percent in 2013, fueled by the improvement in the economy, the world's leading reinsurer Swiss Re said in a report on Tuesday.

Last year, the country's life insurance premium dropped 1.8 percent. The decline, according to the report, was partly driven by regulatory changes in 2011 that constrained bancassurance sales.

Health insurance products will be the biggest growth driver for the life insurance sector this year.

Swiss Re's statistics show that there are huge health protection gaps that exist in China, with a potential shortfall of $73 billion in 2020. And such gaps will drive consumers toward risk protection products.

China's non-life insurance premium, according to the report, will grow 13 percent this year, from last year's 10.2 percent.

Globally, life insurance premiums will recover to 3.2 percent in 2013 and 3.9 percent in 2014. In emerging Asian markets, growth is expected to accelerate to around 10 percent in 2013 and 2014. Non-life premiums are expected to grow by 4 percent while similar premiums in emerging Asian markets will sustain double-digit growth in 2013, according to the report.