HONG KONG, Oct 31 (Bernama-BUSINESS WIRE) — AM Best has maintained its stable outlook on China’s non-life insurance segment, citing sustained premium growth supported by new energy vehicles (NEVs), health reforms and emerging product developments, as well as supportive regulatory policies and initiatives to foster market development.
The Best’s Market Segment Report, “Market Segment Outlook: China Non-Life Insurance,” states that concerns about China’s economic momentum have emerged due to lower GDP growth forecasts through 2030, along with a slowdown in credit and export growth and persistent weakness in the property sector. At the same time, China’s non-life insurance segment has demonstrated resilience amid persistent uncertainty, albeit experiencing a moderate slowdown in direct premiums written growth in recent years. Although the growth in non-motor lines has outpaced the motor segment as insurers have actively diversified their portfolios, the gap is narrowing as rising NEV sales has benefitted the motor segment, while economically sensitive lines like commercial property, engineering, and liability reflect the broader slowdown.