Growth rate of the insurtech industry in China 2016-2021
In 2021, the size of the insurtech industry in China grew by almost 18 percent. According to the forecast, the online insurance market was projected to be valued at over 125 billion yuan by 2025. However, in 2022, the market took a sever hit and lost around 20 billion yuan in market size compared to 2021.The idea behind insurtech is that innovation and new technology can increase the efficiency of the insurance industry. In China, established insurance companies, as well as startups, develop this business sector.