China Pacific Insurance, one of the country's largest insurance companies is accelerating its venture into eldercare, eyeing the market potential of the sector driven by a rapidly ageing population.

The company will offer three product lines for this segment, namely: urban eldercare communities for rehabilitation, migratory holiday products and nursing homes in suburban areas which provide healthcare services, according to a report in China Knowledge.

China Pacific Insurance aims to open a holiday senior living centre in Dali, in Yunnan province, by 2021 and will also be looking to invest in senior housing on the outskirts of major cities such as Shanghai, Hangzhou and Xiamen.

Over the next three to five years, the insurer aims to develop six retirement communities involving 8,000 to 10,000 high-end senior apartments with between 10,000 and 12,000 beds. These retirement communities will have healthcare centres and offer nursing services.

Apart from China Pacific, other insurance companies such as China Life and Ping An insurance are also venturing into the market for the elderly. By 2025, China is estimated to have about 300m people aged over 60, presenting a huge market.