[ET Net News Agency, 14 February 2019] Daiwa Research expects critical illness
insurance to be the key growth driver for the broad China insurance market not only for
2019 but also for years ahead.
The research house forecast the market size to record a 20-24% CAGR over 2018-22.
Daiwa said China will see 357m urban households, of which 63% will be
middle-class-and-above households, by 2022. Assuming 35% of these households and 2
policies per household, it calculated 157m critical illness insurance customers.
On another scenario, it estimated China's total health expenditure inflation to rise at
a 12% CAGR and health insurance to grow at a 20% CAGR over 2016-30.
Daiwa also believes China's GDP growth (assuming 8% until 2030 in nominal terms) will
prompt a higher insurance contribution to total non-public health expenditure, which is
forecast to be 26% in 2030. This approach yields a 20% CAGR in commercial health insurance
over 2016-30.
Hence, it reiterated its "positive" sector stance. (KL)
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14/02/2019 14:02
[I-bank focus]Critical illness insurance seen growth driver
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