China is expected to become the world's third-largest insurance market by 2015, the world's largest reinsurer said in a report on Wednesday.

It is estimated that demand for professional actuaries will climb to 5,000 in the coming decade. However, there are fewer than 500 qualified actuaries to support the strong growth of the industry, creating a supply gap, the Munich Re research showed.

"China's insurance market is developing at a phenomenal pace, growing faster than the economy itself," said Joachim Wenning, member of Munich Re's board of management and responsible for life reinsurance business.

The country saw a tenfold increase in the premium income between 2000 and 2010, according to the report.

"Insurance is a people business, and there is currently a shortage of talent in China. I believe this situation will become worse in the coming years," said Steve Zhang, Munich Re managing director of Life Greater China.