The nation's mid-end medical insurance market is huge, and its value could reach 20 billion yuan (.18 billion) this year and 80 billion yuan by 2020, Chinese online insurance company Zhongan Online P&C Insurance Co said in a report on Tuesday.
According to the report, the market for mid-end medical insurance from 2015 to 2017 expanded from 500 million yuan to 8 billion yuan, and its proportion of health insurance market premiums increased from 0.2 percent to 1.8 percent in the same period.
In 2015, Zhongan launched a mid-end medical insurance project, and its user base exceeded 1 million by the end of 2017, with an average age of 35. The company said that people under age 40 have become the primary consumers for this project.
The company said that mid-end medical insurance, which targets China's growing middle class, is still the most dynamic segment of the health insurance market and will continuously attract more people.
Data from the China Development Research Foundation in September 2017 showed that health insurance led the broad insurance industry in recent years, with a compound annual growth rate of 27.6 percent from 2007 to 2017, faster than either life insurance or accident insurance.