China’s insurance sector will see premium income grow an average of 12 percent a year over the next decade, China Daily reported Tuesday, citing research from German multinational financial services company Allianz SE. The Chinese insurance market is already the world’s fourth largest in terms of gross written premiums, behind the United States, Japan and Britain, the report said. By 2024, China is expected to be the No. 2 insurance market, twice as big as Japan’s and three times the size of the German market, Allianz chief economist Michael Heise was quoted as saying.
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