2025 Internet Property Insurance Premiums Up 17.2% to RMB 184.55 Billion; Penetration Hits 10.5%

In 2025, the internet property insurance industry achieved premium income of RMB 184.55 billion, up 17.2% year on year, 13.3 percentage points higher than the overall property insurance premium growth rate. The penetration rate of internet property insurance business rose from 9.3% in 2024 to 10.5%. These figures were disclosed in the '2025 Analysis Report on the Development of Internet Insurance Business of Property Insurance Companies' released by the China Insurance Association.

By business structure, auto insurance maintained rapid growth while non-auto insurance saw structural changes. In 2025, internet auto insurance generated cumulative premium income of RMB 53.16 billion, up 33.9% year on year, maintaining high growth of over 30% for three consecutive years. The report attributes the growth to multiple factors including regulatory standardisation, the rise of new energy vehicles, improved online experience, and insurers' strategic focus. The year-on-year growth rate of internet auto insurance premiums was 31 percentage points higher than that of overall auto insurance, and the penetration rate of internet auto insurance into overall auto insurance reached 5.6%, up 1.3 percentage points year on year.

In 2025, the ranking of internet property insurance operators by premium income remained relatively stable, with the top ten companies unchanged, only minor internal reordering. The top ten companies are ZhongAn Insurance, Ping An Property & Casualty, PICC Property & Casualty, CPIC Property & Casualty, Taikang Online, Sunshine Property & Casualty, China Life Property & Casualty, Cathay Property & Casualty, Zhonghui Mutual, and Dadi Insurance, with a combined market share of 86.2%, down 0.4 percentage points year on year. The top three companies held a combined market share of 51.8%, up 2.6 percentage points year on year.

By insurance type, internet auto insurance accounted for 28.8% in 2025, up 3.6 percentage points from the same period in 2024, marking the fourth consecutive year of increase. Non-auto insurance accounted for 71.2%, down 3.6 percentage points, the lowest in the past five years. By channel, intermediary channels continued to dominate the market, with premium income of RMB 133.32 billion in 2025, accounting for 72.2%. Self-operated platform business generated RMB 47.99 billion in premiums, up 45.9% year on year, with a share of 26%, up 5.1 percentage points year on year.

In 2025, the concentration of the internet auto insurance market was broadly flat year on year. The top ten insurers by premium income were Ping An Property & Casualty, PICC Property & Casualty, CPIC Property & Casualty, Taikang Online, ZhongAn Insurance, BYD Property & Casualty, China Life Property & Casualty, Dadi Insurance, Ancheng Property & Casualty, and Sunshine Property & Casualty, with a combined market share of 94.9%, down 0.8 percentage points year on year. In terms of market increment, it mainly came from three companies: Ping An Property & Casualty, PICC Property & Casualty, and BYD Property & Casualty, contributing RMB 4.72 billion, RMB 3.41 billion, and RMB 1.35 billion in premium increments, respectively.

In 2025, internet non-auto insurance achieved cumulative premium income of RMB 131.38 billion, up 11.6% year on year, with the growth rate down 12.4 percentage points from 2024. Health insurance, liability insurance, and cargo insurance recorded cumulative premiums of RMB 46.63 billion, RMB 27.33 billion, and RMB 13.51 billion, respectively, accounting for 35.5%, 20.8%, and 10.3% of internet non-auto insurance premiums, with a combined share of 66.6%. The year-on-year growth rates for home property insurance, cargo insurance, accident insurance, and health insurance were 45.8%, 32%, 29.4%, and 28.9%, respectively.

Regarding the concentration of the health and accident insurance market, the top five companies held a combined market share of 73.6%. The leading players were ZhongAn Insurance and Taikang Online, two specialised internet insurance companies, contributing nearly half of the market share. PICC Property & Casualty and Ping An Property & Casualty followed, each with a share close to 10%.

The report also noted that the internet property insurance sector is gradually showing some development issues and real challenges: the match between product innovation and market demand needs improvement, the level of online-offline integrated services still has room for enhancement, the profitability of internet non-auto insurance business is under overall pressure, and rapid development has led to a surge in customer complaints.