China : will become second biggest insurance market

China is expected to become the second-biggest insurance market in the next 10 years, reinsurer Swiss Re said on Wednesday, noting that the Asian giant posted growth of 26.2 per cent in 2010 premiums.

“The global market share of emerging countries is expected to continue to increase strongly from today’s 14 per cent over the next 10 years,” said the reinsurer in its study on the insurance industry.

“China is likely to become the second largest insurance market within a decade,” it added.    The Asian giant is now the ranked sixth, with insurance penetration at 3.8 per cent, far below the 10.1 per cent in Japan, 10.5 per cent in France and 12.4 per cent in Britain.

Overall, global life insurance premiums were up 3.2 per cent at $2.52 trillion in 2010, while non-life premiums increased by 2.1 per cent at $1.82 trillion.

“The economic recovery should continue and bolster premium growth in the life and non-life sectors globally in 2011,” said the reinsurer.