Allianz expects major growth in China's insurance market

China's insurance premium is expected to grow at an average of 12 percent over the next decade, according to research from a German multinational financial services company on Tuesday.

The Chinese insurance market is already, in terms of gross written premiums, the fourth largest market worldwide behind the United States, Japan and Britain.

"We expect premiums to increase by an average of almost 12 percent a year over the next decade. In 2024, the Chinese market will be the world's No 2 insurance market, twice as big as the Japanese or three times as big as the German market," said Allianz SE's Chief Economist Michael Heise.