Figures in 2012 showed that the UK’s insurance industry managed investments roughly amounting to 26 per cent of its net worth with around £10.5 billion contributed every year in taxes to the Government. However, despite the strength of the sector overall in 2016, the UK has now been displaced as the third largest insurance market in the world by… China.
According to a Reuters
report this morning, China’s insurance regulator is now claiming that it is the third largest insurance market in the world.
During a Press conference, the regulator announced that three mutual insurance associations would be established – the first time that such associations have been set up in China.
In addition, however, it declared that insurance premiums had now reached 2.4 trillion yuan (approximately £248 billion) with total assets at 12 trillion yuan during 2015.
That is enough to place China into third place in the list of the world’s largest insurance markets – leapfrogging the United Kingdom and moving just behind Japan in second place and the USA in first place.
Chinese players in bidding war for Korea’s biggest insurance M&A
China Life buys New York tower for US$1.6b