The impact of the US-China trade war on the Chinese motor insurance market
- The prolonged US-China trade tension, initiated in 2017, has led to significant consequences, impacting global supply chains and causing economic tension between the two largest economies. Particularly affecting the automotive sector, the trade war has influenced motor insurance premiums in China, contributing to a declining trend in non-life insurance growth rates from 2017 to 2021. However, a positive outlook is projected for 2023-2026, indicating potential recovery opportunities. The trade war's short-term impacts on the Chinese motor insurance market include increased costs, low premium growth, and economic challenges. In the long term, transformative changes, including market diversification, innovative products, data-driven pricing, and technology-enabled risk prevention, are expected to shape a dynamic and competitive motor insurance landscape in China, offering growth potential despite initial challenges.
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| Author: | Lihong Wang |
|---|---|
| URN: | urn:nbn:de:hbz:832-epub4-25966 |
| DOI: | https://doi.org/10.57683/EPUB-2596 |
| Series (Serial Number): | Publikationen der Kölner Forschungsstelle Rückversicherung (10/2023) |
| Document Type: | Conference Proceeding |
| Language: | English |
| Creating Corporation: | Kölner Forschungsstelle Rückversicherung |
| Date of first Publication: | 2023/11/14 |
| Date of Publication (online): | 2023/12/12 |
| Tag: | Chinese motor insurance market |
| Page Number: | 15 |
| Institutes: | Wirtschafts- und Rechtswissenschaften (F04) / Fakultät 04 / Institut für Versicherungswesen |
| Dewey Decimal Classification: | 300 Sozialwissenschaften / 330 Wirtschaft |
| Open Access: | Open Access |
| Licence (German): |  Creative Commons - CC BY - Namensnennung 4.0 International |