Insurance market sees big potential

China set to take No 2 spot from Japan as policyholders rise

China will probably surpass Japan as the world's second-largest insurance market this year, boosted by surging demand from the nation's ever-growing middle class, the industry regulator said on Thursday.

The country's premium income reached 1.9 trillion yuan ($287.9 billion) in the first six months, a jump of 37.3 percent year-on-year. The growth rate has accelerated from 17.5 percent in the first half of 2014 and 20 percent in the first half of 2015, according to the China Insurance Regulatory Commission.