Chinese supplementing basic health insurance from govt

The private health insurance business is booming in China, as many companies jump into the market and a more affluent population chooses to supplement government-provided basic health insurance.

In 2018, private health insurance revenue totaled 544.8 billion yuan ($76.2 billion), an increase of 24.1 percent from 2017, according to data from the China Banking and Insurance Regulatory Commission.

China Reinsurance Co Ltd data showed serious illness insurance and short-term medical insurance has been growing at 30 percent to 80 percent per year in the last five years and is expected to grow at double digit rates at least for the next three to five years.