China Insurtech Market size was over USD 211.7 Billion in 2021 and is expected to reach USD 4,760 Billion by the end of 2031, growing at around 36.88%% CAGR during the forecast period i.e., between 2022-2031. The growth of the market can be attributed to growing insurtech awareness and rising adoption of digitalization among insurance company. For instance, China's insurance sector has adopted some of the digital transformation strategies used by overseas businesses like Allianz in order to accomplish the aim of becoming "fully digital."
Digital technology is used to understand customer wants, which is then used to improve offers based on shifting customer needs. Moreover, innovative InsurTech businesses is expected to boost the market growth over the forecast period. For instance, Dowsure is the first domestic online insurance platform created specifically for international e-commerce. This six-year-old startup introduced a number of inclusive financial products, including TrustSure, LogiSure, CreditSure, BondSure, SellSure, and BuySure, with the goal of better insulating and protecting sellers from risks and losses. These products were made possible by leveraging the startup's expertise in big data, machine learning, and blockchain.
Growth Drivers
Challenges
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
36.88% |
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Base Year Market Size (2021) |
USD 211.7 Billion |
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Forecast Year Market Size (2031) |
USD 4760.0 Billion |
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Regional Scope |
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The China insurtech market is segmented and analysed for demand and supply by technology into blockchain, cloud computing, IoT, big data &machine learning, robo advisory, and others. Out of which, the big data & machine learning segment is anticipated to garner the largest revenue of USD 1,373.3 Billion by the end of 2031, up from a revenue of USD 65.9 Billion in the year 2021. However, the blockchain segment is anticipated to grow at a highest CAGR of 39.82% over the forecast period, backed by increasing adoption of blockchain technology in the region. In both the public and private sectors, blockchain-based solutions are proliferating. Further initiatives by Chinese government is expected to boost the demand for blockchain technology, further boosting the market for insurtech. For instance, the blockchain-based cross-border finance infrastructure put in place by the State Administration of Foreign Exchange ("SAFE") in March 2019 is one of the major initiatives started by the Chinese government.
Major Macro-Economic Indicators Impacting the Market Growth
The quick development of insurtech also creates new open ports for cyber-attacks on businesses and users'/personal policyholders' data on financial transactions, banking, and policy specifics. Hence this factor is expected to restrain the growth of the market.
Our in-depth analysis of the China insurtech market includes the following segments:
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By Component |
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By Product |
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By Technology |
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By End-Use Industry |
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Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the China insurtech market that are included in our report are
Ping An Insurance (Group) Company of China, Ltd. reported the successful launch of PingAn-3, also known as Taijing-1 01, Ping An's first earth observation optical remote sensing satellite. PingAn-3, which was launched at the Jiuquan Satellite Launch Center, will work with Internet of Things (IoT) satellites PingAn-1 and PingAn-2 to assist the growth of inclusive finance and the supply chain financial services provided by Ping An Bank.
Pintec Technology Holdings Ltd., a leading independent provider of fintech solutions, announced a collaboration with China Mobile Communications Corp. ("CMCC") subsidiary Aspire Holdings Ltd. to collaboratively develop advanced fintech solutions that use Pintec's big data analytics and AI technology capabilities.
Author Credits: Abhishek Verma
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