26th November 2023

China motor insurance industry to reach $171.9bn by 2028-GlobalData

The motor insurance industry in China is projected to grow at a compound annual growth rate (CAGR) of 4.5% from CNY871.2bn($129.1bn) in 2023 to CNY1.1tr($171.9bn) in 2028, in terms of gross written premiums(GWP), according to GlobalData.
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 favourable regulatory reforms to increase the pricing cap for commercial motor insurance.

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