The digitalisation of insurance services and evolving consumer preferences have driven a significant increase in online insurance sales in China. According to the Insurance Association of China, online insurance premiums reached CNY 366.3 billion (approximately USD 50.8 billion) in the first seven months of 2024, marking a 15% year-on-year growth.
A joint report by Yuanbao Inc and the research center for China insurance and pension finance at Tsinghua University’s PBC School of Finance highlighted a generational shift in purchasing habits. For the first time, nearly 84% of consumers born after 1995 bought insurance online, surpassing the cohort born after 1985. Online insurance adoption rose from 73% in 2023 to 78% in 2024, while offline purchases declined from 85% to 79%.
The report projects that online insurance penetration will overtake offline sales within the next two years.
Additionally, mental health awareness is growing among post-1995 consumers, with about half reporting related concerns. Approximately 60% have purchased accidental injury or critical illness insurance, reflecting heightened health and safety priorities.
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