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China to Become World's Second Largest Life Insurance Market by 2020: Report (IBR)

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Currently the world’s sixth largest life insurance market, China is expected to weigh in at No. 2 by 2020, according to a report from U.K.-based data firm BRICdata. The life insurance market in China rose significantly between 2006-2010, though the market is still largely untapped: only 50 percent of people have some form of life insurance. Factors that contributed to this growth include the ageing population; robust economic growth; the rising disposable incomes of China’s middle class; and the increasing awareness of the need for insurance, especially among young people.