China's insurance industry an attractive long-term play as its population gets older and richer

THE US is currently the largest insurance market in the world, but with the ongoing shift in the global insurance business to Asia, China has been slowly climbing up the ranks. Home to one of the world's most dynamic and fastest-growing insurance market, China is forecasted to contribute almost half of the growth in the global insurance market over the next two years.

While China is currently the second-largest insurance market globally, it remains on track to double its market share by 2029, driven by the country's favourable demographic trends and its increasing demand for insurance protection.

1.Growing ageing population