Inclusive insurance development in China

From September 2024, Swiss Re Institute collaborated with the Chinese Academy of Financial Inclusion (CAFI) on a research-to-action initiative focused on inclusive insurance development in China. Drawing on joint analytical work and research capacity, the collaboration focused on coordinating local government resources and engaging with primary insurers to build consensus on inclusive risk protection solutions.

In February 2025, researchers from Swiss Re and CAFI published an analytical paper, Inclusive insurance development in China. The report assessed China’s inclusive insurance landscape and identified public–private partnerships as an important operational model for future development. It served as a reference point for policy dialogue with stakeholders in the public and private sectors.

Building on the research findings and field surveys conducted in Lanzhou, Chengdu and Ningbo, the team coordinated local government resources and engaged with primary insurers to build consensus on inclusive risk protection solutions. This alignment ultimately led local insurers to discuss with Swiss Re two potential reinsurance cases for enhancing resilience among vulnerable populations.

The first is an agricultural insurance solution, which introduces multi-year coverage for specialty local crops that are typically insured annually. Designed to enhance smallholder farmers' operational stability by mitigating disaster and extreme weather impacts, this approach targets high-value specialty products. It offers a framework that could be replicated in western China, prioritizing resilience among vulnerable farmers.

The second case explores catastrophe insurance through a conceptual research model of a local government-led catastrophic risk pool. Under this framework, the government consolidates resources to establish a regional risk-sharing mechanism, aggregating individual farmer exposures into a risk pool. This structure is designed to demonstrate how scaled risk pooling can enhance efficiency and leverage economies of scale with joint involvement of primary insurers and reinsurers. Both models are early-stage exploratory outputs, subject to further business review and approvals by relevant authorities.

During the field research, inclusive life and health insurance for individuals also emerged as a relevant topic. Researchers examined the challenges associated with serving specific population groups and highlighted the importance of long-term sustainability when developing inclusive insurance solutions.

The collaboration was co-funded by Swiss Re's L&H Business Unit and Swiss Re Institute and managed by Swiss Re Institute's Partnerships & Advisors team.

The full publication is available in Chinese on the CAFI website 

English summary: sigma insights 03/2026: Inclusive insurance in China | Swiss Re

About Swiss Re Institute 

Swiss Re Institute's mission is to originate actionable insights to support profitable risk taking for Swiss Re and its clients. Our global expertise spans macroeconomic and insurance research, forecasting and scenarios, and thought leadership on emerging risks. We publish data-driven research on economic and re/insurance market trends under Swiss Re’s industry-leading sigma brand.

About Chinese Academy of Financial Inclusion (CAFI)

Guided by the vision of “Good Finance and Good Society,” the Chinese Academy of Financial Inclusion (CAFI) is dedicated to advancing the financial inclusion agenda across regions through Commitment, Action, Focus, and Impact.

CAFI’s work focuses on policy advocacy, frontier research, knowledge sharing and capacity building, and innovative practice. CAFI provides policymakers, researchers, and industry practitioners with rigorous analytical foundations, evidence-based market insights, and practical implementation experience, contributing to the sustainable and inclusive development of financial systems.