Short-term health insurance: a growth engine for China's P&C insurers
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Rapid growth in the short-term health insurance sector is a boon for non-life insurers in China. With strong policy support and rising demand, we expect the growth momentum to continue.
- Short-term health insurance is the fastest-growing property and casualty (P&C) line of business in China with average annual premium growth of c. 40% for the past decade.
- Growth momentum continued despite the COVID-19 shock with premiums up by 35% in the first 11 months of 2020.
- Short-term health represented 8.5% of China's total non-life premiums in the first 11 months of 2020, up from 2.7% in 2015.
- Practitioners expect short-term health to exceed 20% of total health insurance premiums in three years, up from 12% in 2019.
- With strong policy support and rising demand, we expect the growth momentum to continue.
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