Allianz released yesterday its global ranking of insurance markets for 2016. 

According to data published in the ranking, China became the third largest insurance market in the world in 2016.

Gross written premiums reached EUR 365bn (USD 389.3bn), soaring ahead other markets like the UK (EUR 232bn), France (EUR 198bn) and Germany (EUR 152bn).

In total, worldwide insurance premiums rose to EUR 3.65tn, with an annual premium growth of 4.4 percent on a global scale. With growth of EUR 70bn in premiums, half of the global annual growth of EUR 150bn was generated in China.

Life insurance accounts for about two-thirds of worldwide premiums. Interestingly, China seems to play a less prominent role with regards to non-life (i.e. property and casualty) business.