Although the idea of risk-sharing appeared over 2000 years ago in the time of Confucius, formal insurance systems were not set up until the 1980s, due to unique events in China’s history. But after only 30 years of development, China's insurance market is now the third largest in the world.
China's insurance industry growth shows no signs of slowing. Digital insurance, the combination of traditional insurance ideas and new technology including digital distribution, Big Data, and blockchain, has experienced a global boom over the last 5 years. China has also experienced rapid growth in digital insurance and there are now many products and providers available.
This report discusses the rise of digital insurance in China and compares it with traditional insurance models. It examines in detail the technological enablers that underlie digital insurance offerings. It also analyzes the Chinese digital insurance market from the perspectives of its providers, products, and regulation. Finally, the report discusses the future prospects of digital insurance in China.