The slight air pollution problems in China cities have not dampened the heat of economic growth. The rising living costs continue in big cities. Yet the cautious and risk averse mindset of the Chinese embraces insurance more than ever.
Reportstack's latest report gives an estimated growth of the market at 15.55% (CAGR) over the years of 2013 to 2018. Of course, economic growth potentials, as well as the untouched demand of the mass are the underlying causes for the growth.
Key players in China include Lloyd's insurance, Munich Re, Swiss Reinsurance etc. And many new entrants are vying for joint ventures cooperation in order to get to the market faster. Meanwhile, local insurers are busy scaling up their online presence and product offerings that can easily cash in from online shoppers.
The Chinese government also hopes to build a strong market in the insurance and reinsurance sector so that it can fend off potential burden and debt incurred by natural disasters and catastrophic events.
To find out more about potential job trend in China's insurance and reinsurance market, take a look at the latest talent report by Morgan McKinley.