Swiss Re bullish about insurance market's prospects in nation

China's insurance sector is expected to double in size in the coming decade amid robust economic growth, making the country a more significant market for Swiss Re, the top executive of the global reinsurance company said.

Despite concerns raised over an economic slowdown, China is still among the world's fastest-growing economies and is expected to sustain a growth rate of around 5 percent, said Christian Mumenthaler, chief executive officer of Swiss Re Group.

China's insurance market is growing faster than its economic growth rate, Mumenthaler said. "We think that premiums (in China's insurance market) will double in 10 years, so we want to be part of that."