China's mid-range medical insurance market is huge, with its value expected to reach CNY20 billion (US$3.18 billion) this year and CNY80 billion by 2020, Chinese online insurance company ZhongAn Online P&C Insurance Co says in a report.
The market for mid-range medical insurance from 2015 to 2017 expanded from CNY500 million to CNY8 billion, reports China Daily citing the report.
Over these years, the proportion of mid-range medical health insurance market premiums increased from 0.2% to 1.8% of the total health market, suggesting huge potential. By 2020, this market share will increase to 6.9%.
ZhongAn says that the mid-range medical insurance market, which targets China's growing middle class, is still the most dynamic segment of the health insurance market and will continue to attract more people.