China's insurance market ranked 2nd in the world

According to the report "World insurance: the recovery gains pace" published by Swiss Re, the Chinese insurance market ranked second worldwide in 2020 with a premium volume of 655.875 billion USD, 10.5% market share.

China follows the United States which reported   2 530.57 billion USD of insurance premiums in 2020.

Non-life premiums have increased by 4.4% in 2020 while those of the life class of business have gone up by 2.8%.

Swiss Re expects life and non-life premiums to rise by 7.7% and 7% respectively in 2022.