(Yicai Global) Oct. 17 -- China ranked second globally in terms of insurance premiums last year, driven by the rapid rise of the internet sector, states a joint report from KPMG China and Zhongan Fintech Research Institute.
Annual premiums in the country reached CNY3.7 trillion last year, the report found. The market volume for internet insurance has ballooned from CNY11.1 billion in 2013 to CNY183.5 billion in 2017.
Advances in technology in China provide a wide range of insurance product application scenarios in the country. China is set to become the most important market for insurance technologies worldwide supported by existing infrastructure and talent, the report added.
As China’s economy enters a new normal stage of economic development, there will be a rise in demand for new technologies, which will inevitably lead to changes in the insurance sector. China is not only likely to accelerate efforts to becoming an insurance country but is also is expected to lead the development of related technology globally.
China, as a pioneering model in the field, should use its first-mover advantage to promote the globalization of insurance technology at every level during the new round of globalization of industrial technology, the report added.