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China's gross domestic product, which was $8 trillion in 2012, is predicted to grow to more than $15 trillion by 2017, according to a Lloyd's of London analysis of International Monetary Fund data.
The 10 largest insurers in China in 2013 accounted for more than 80% of the nonlife and life markets.
Outside insurers held 4.3% of the China market in 2012, down from 8.9% in 2005, according to the China Insurance Regulatory Commission.
In 2013, outside insurers had about 1.3% of the nation's nonlife insurance market, according to Fitch Ratings Ltd.
In this year's first quarter, property insurance premiums totaled 175.7 billion yuan ($28.08 billion), according to CIRC.
Sixty-two insurers operated in the nonlife market as of year-end 2012, 41 of them local and 21 foreign.