The collaborative study “Chinese Insurance Markets: Developments and Prospects” by Professor Xian XU—Vice Dean of the School of Economics at Fudan University and Director of the China Insurance and Social Security Research Center at the Fudan Development Institute—and Professor Hanming  FANG of the University of Pennsylvania has been included in the internationally authoritative reference work in insurance studies, Handbook of Insurance, 3rd Edition, Volume II.

Since the reform and opening-up, China’s economy has experienced rapid growth and its market economy has flourished. Concurrently, the accumulation of diverse risks—including those related to health, elderly care, and property—faced by households and enterprises has spurred the swift development of the Chinese insurance industry as a countermeasure. Since its inception, the Chinese insurance market has grown at an extraordinary pace, becoming the world’s second largest market by 2017; however, both insurance density and penetration remain significantly lower than those in developed countries, indicating substantial growth potential. This chapter systematically reviews the developmental trajectory, current status, and future trends of the Chinese insurance market, discussing topics such as its historical evolution, regulatory framework, market structure, applications of insurance technology, and the integration of social and commercial insurance. The article highlights that China is continuously advancing measures such as further opening-up, technological integration, and consumer rights protection to promote a higher-quality development of its insurance market. Against the backdrop of proactive responses to population aging, the “Healthy China” initiative, and the rapid digital transformation of the economy and society, the significance of the insurance industry is expected to become increasingly prominent. Notably, this chapter is the first comprehensive introduction to China-related issues included in the three editions of the Handbook of Insurance.

The Handbook series serves as a seminal bibliographic guide in the field of economics, designed to assist researchers in collecting, organizing, analyzing, and synthesizing the latest developments across various economic subdisciplines. As the definitive reference in insurance studies, the Handbook of Insurance encompasses topics such as insurance economics, risk management, actuarial science, insurance technology, social security, insurance law, and the development of insurance markets. It provides researchers with a comprehensive perspective and holds significant influence in both academic research and practical applications. The first edition of the handbook was published in 2000, followed by the second edition in 2013. The third edition, published by Springer in 2025, comprises two volumes containing 37 chapters, contributed by 66 scholars who have made substantial contributions in their respective fields.

Translated by Yuyao ZHAO

Full text in Chinese available at:

https://mp.weixin.qq.com/s/ceTRn9btmYsdcmzkDJKlgg