An analysis of premiums and claims in the P&C insurance sector in the years 2012-2022 indicates that the growth of property insurance claims was generally higher than that of premium income.
From 2012 to 2022, property insurance premiums increased by 138%, while property insurance claims rose by 222.3%.
The overall profitability of property insurance companies was not spectacular, and underwriting losses occurred often.
Among the more than 80 property insurance companies in China, 28 suffered losses in 2019. The number of such insurers was 22 in 2020 and 24 in 2021.
In 2020, the underwriting losses of property insurance companies stood at CNY10.8bn ($1.5bn), while the aggregate net loss was CNY3.57bn. In 2021, the non-life insurers posted a combined net loss of CNY3.852bn.
A summary of the premiums and claims in the P&C sector is as follows:
-
Year
Premiums
Claims
CNY m
Change %
CNY m
Change %
2012
533,093
15.4
281,633
28.8
2013
621,230
16.5
343,910
22.1
2014
720,340
16.0
378,821
10.1
2015
799,500
11.0
419,717
10.8
2016
872,450
9.1
472,618
12.6
2017
983,470
12.7
508,700
7.6
2018
1,077,000
9.5
589,700
15.9
2019
1,164,900
8.1
650,200
10.3
2020
1,192,900
2.4
695,500
7.0
2021
1,167,100
-2.2
768,800
10.5
2022
1,270,000
8.8
907,820
18.1
