Page 19 - Insurance Times December 2023

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Netherlands general insur- try, accounting for 82.9% share of the China motor insurance in-
DWP in 2023. PA&H Insurance is ex-
ance industry to reach $97 pected to maintain its leading position dustry to reach $171.9 bil-
billion by 2028 until 2028, supported by an increase in lion by 2028
The Dutch general insurance industry health awareness, especially after the The motor insurance industry in China
is expected to grow at a compound pandemic. Moreover, rising concerns is projected to grow at a compound
annual growth rate (CAGR) of 5.4% about declining public health infra- annual growth rate (CAGR) of 4.5%
structure and longer waiting periods
from EUR70.8 billion ($72.3 billion) in from CNY871.2 billion ($129.1 billion)
have prompted people to move to-
2023 to EUR92.4 billion ($97.0 billion) in 2023 to CNY1.1 trillion ($171.9 bil-
wards private health insurance.
in 2028, in terms of direct written pre- lion) in 2028, in terms of gross written
miums (DWP), forecasts GlobalData, a Health insurance premium rates have premiums (GWP), according to
leading data and analytics company. been on the rise over the last couple GlobalData, a leading data and
of years, which will support PA&H in- analytics company.
GlobalData’s Insurance Database re-
veals that the Dutch general insurance surance growth. As per the Health According to GlobalData’s Insurance
industry is expected to register an an- Ministry, the average premium for Database, China’s motor insurance in-
nual growth of 7.3% in 2023 and 5.1% basic health insurance is expected to dustry growth is expected to peak at
increase by 8.1% in 2024 as compared
in 2024. The growth will be supported 6.1% in 2023. The growth will be sup-
to 2023. PA&H insurance is expected
by raising health awareness, increasing ported by increasing demand for new
vehicle sales, and rising motor and to grow at a CAGR of 5.6% during energy vehicles (NEVs) and favorable
health insurance premium rates due to 2023-28. regulatory reforms to increase the pric-
inflation. Motor insurance is the second largest ing cap for commercial motor insur-
line of business, accounting for a 7.6% ance.
Sneha Verma, Insurance Analyst at
GlobalData, comments: “The Dutch share of the general insurance DWP in Sravani Ampabathina, Insurance Ana-
2023. Motor insurance is expected to
general insurance industry has wit- lyst at GlobalData, comments: “Motor
grow by 3.3% in 2023, driven by an
nessed an upward growth trend since insurance in China is rebounding after
increase in vehicle sales. As per the
the slowdown in 2021 and grew by European Automobile Manufacturers’ experiencing volatilities during 2018-
3.2% in 2022. It is expected to reach Association, vehicle sales for January- 21, arising from depressed economic
its peak in 2023, with an annual October 2023 reached 317,323 units, conditions, COVID-19, supply chain is-
growth of 7.3%, supported by growing up by 25.2% as compared to the same sues, and regulatory challenges that
health awareness as well as increasing period in the previous year. In August lowered premium prices. The situation
vehicle sales.” recovered in 2022 with an increase in
2023, the cumulative EV sales for 2023
Personal Accident and Health (PA&H) reached 108,043 units, an increase of vehicle sales that has continued in
insurance is the leading line of business 72% as compared to the same period 2023.”
in the Dutch general insurance indus- in the previous year. According to the China Association of

18 December 2023 The Insurance Times