Global Market Size, Forecast, and Trend Highlights Over 2022-2031
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.
