The Chinese liability market: Opportunities for growth
An overview of the Chinese liability market
Liability insurance in China has developed over the past 40 years to become the second largest class of business by premium income in 2017 and 2018 after motor within the P&C sector in China. Since 2007, it has been applied nationwide through various pilot schemes as the as part of the Government’s drive to use liability insurance as a risk management tool. Growth seems inevitable as China takes the next steps in supporting adoption through regulations.
Four trends are currently driving the growth of the Chinese liability market:
- Changes in regulation and the legal system
- The use of insurance as a social governance and risk management tool
- New technologies
- Product innovation
The Chinese liability market
This new Lloyd’s report, published in collaboration with Nankai University gives a comprehensive analysis of the progress in regulation, growth and future developments of liability in China. It also provides an overview of five traditional liability products and five emerging liability developments that have the potential to provide both direct insurance and reinsurance opportunities for the Lloyd’s market.Download report
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