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Dagong Europe Credit Rating S.R.L. has said that China's reinsurance market is likely to grow rapidly with reinsurance premiums expected to increase an average of 10-15% in the coming three years, reported Asia Insurance Review.
Primary market development, more risk-based solvency requirements and increasing risk awareness should drive the market growth, said the credit rating agency. Dagong Europe estimates that Chinese reinsurers' gross premium written totaled about 160 billion Chinese yuan ($25 billion) in 2014.