Chinese liability insurance market, currently small but growing fast
Chinese P&C insurers are trying to open up a new path in the field of non-motor insurance and liability is one of their top priorities. The Chinese liability insurance market is currently small, but its growth is accelerating and will continue into the next decade.
Four major trends are driving this growth. One key growth driver is the changing market structure including regulation and the legal system. Secondly, the encouragement from government to leverage liability insurance to manage social disputes. Third, product innovation in non-traditional space has brought in more business and finally, technological advancement is contributing to the growth of liability insurance.
To help insurers seize the opportunity and prepare for the challenges ahead, this publication takes a closer look at these four trends in liability China.