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The insurers benefit from the boom in digital in China

by

Charles Mathieu

12 September 2019 13:30

Photo : Freepik

The digital transformation, in particular with respect to electronic commerce, is gaining importance in the chinese economy. Thus, there are increasingly new opportunities in the area of cyberassurance in the country. This is what it says Swiss Re in its report Digital transformation in China : on the crest of a wave.

The reinsurer argued that in China, in 2018, approximately 191 million jobs have been created thanks to the digital transformation of the country. This is an increase of 11.5 % when compared to the previous year. By 2030, the number of jobs created is expected to be 400 million, estimates Swiss Re.

Currently, the digital economy represents 35 % of the country’s GDP. In 2030, it is expected to exceed the 50 %. Moreover, at the present time, the industry of e-commerce is largely dominated by China, whereas in 2005, the country was far behind the rest of the world at this level.

A golden opportunity

However, the more the economy becomes digital, the more cyber risks. Swiss Re sees a real opportunity for insurers and reinsurers. “The side effects of an important interconnectivity digital are the threats posed by cybercrime, vulnerabilities, and computer and connection problems to the network,” says the company.

The market of the cyberassurance in China is estimated at about 10.6 million us dollars (M US$), while in the United States, this market is nearly us $ 2 billion (G$ US). In 2018, the portion of premiums related to cyber risks was 0.06 %, in China.

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