China Insurance Sector Forecast to 2013
China’s insurance industry is one of the fastest growing insurance industries on the globe. It is expected to grow at a CAGR of 28-30% during 2009-2013. While most of countries worldwide are busy in finding ways to come out from the financial crisis, China’s insurance industry is already on the way to make great headways and grow robustly in coming years. Last year (2008), the insurance industry grew at the fastest pace since 2002 on rising insurance awareness level and government support. It recorded YOY growth of over 39% in 2008. Personal insurance products including life, health and personal accidents led the majority of growth, accounting for over three-fourth of total insurance premium written in the country.
Non-life (property) insurance products are also growing at rapid pace. The market is mainly concentrated into two segments: Motor and Commercial Property insurance. Motor insurance accounts for over 70% of premium written in non-life insurance segment. But there are many other emerging non-life insurance products like product liability, credit, marine insurance etc, which will decide long-term viability of the non-life insurance market. Therefore, there is a strong need to focus on these emerging insurance segments.
However, the insurance market in China still remains largely untapped. With insurance penetration (in terms of GDP) at mere 3.2% at the end of December 2008, China stands far behind than the global average of insurance industry penetration over 7%. So the future of industry looks certainly promising but growth rate is expected to be marginally lower in near term as demand for life insurance products, particularly investment linked insurance products, may see a downturn amidst the financial crisis.
“China Insurance Sector Forecast to 2013” is an outcome of extensive research and in-depth study of insurance market in China. The report discusses each of the insurance segments in detail, including personal insurance, property insurance, etc. Most importantly, it also tells clients the direction in which the market is likely to move in coming years. Additionally, the report analyses pattern of macroeconomic variables and their impact on the insurance market. It also contains information about emerging industry trends, which will decide future of China’s insurance market.
Non-life (property) insurance products are also growing at rapid pace. The market is mainly concentrated into two segments: Motor and Commercial Property insurance. Motor insurance accounts for over 70% of premium written in non-life insurance segment. But there are many other emerging non-life insurance products like product liability, credit, marine insurance etc, which will decide long-term viability of the non-life insurance market. Therefore, there is a strong need to focus on these emerging insurance segments.
However, the insurance market in China still remains largely untapped. With insurance penetration (in terms of GDP) at mere 3.2% at the end of December 2008, China stands far behind than the global average of insurance industry penetration over 7%. So the future of industry looks certainly promising but growth rate is expected to be marginally lower in near term as demand for life insurance products, particularly investment linked insurance products, may see a downturn amidst the financial crisis.
“China Insurance Sector Forecast to 2013” is an outcome of extensive research and in-depth study of insurance market in China. The report discusses each of the insurance segments in detail, including personal insurance, property insurance, etc. Most importantly, it also tells clients the direction in which the market is likely to move in coming years. Additionally, the report analyses pattern of macroeconomic variables and their impact on the insurance market. It also contains information about emerging industry trends, which will decide future of China’s insurance market.
1. ANALYST VIEW
2. CHINA - AN EMERGING ECONOMY
2.1 Economic Analysis
2.2 Demographic Profile
2.3 Income Growth Pattern
3. INSURANCE MARKET OVERVIEW
4. MARKET PROJECTIONS TO 2013
4.1 By Personal Insurance
4.1.1 Life Insurance
4.1.2 Health Insurance
4.1.3 Personal Accident Insurance
4.2 By Property Insurance
4.2.1 Motor Insurance
4.2.2 Commercial Property Insurance
4.3 By Province
4.3.1 Personal Insurance
4.3.2 Property Insurance
5. REINSURANCE MARKET
6. PRODUCT DISTRIBUTION PATTERN
7. ROLE OF FOREIGN INSURERS - AN ANALYSIS
8. RECENT REGULATORY DEVELOPMENTS
9. KEY INDUSTRY TRENDS
9.1 Investment-cum-insurance Products
9.2 Product Liability Insurance
9.3 Marine Insurance
9.4 Agriculture Insurance
9.5 Pension Insurance
9.6 Credit Insurance
9.7 Investment Pattern
9.8 Income Disparities
9.9 Cultural Barriers
9.10 Shortage of Qualified Personnel
10. POTENTIAL INDUSTRY PLAYERS
10.1 China Life Insurance Company Limited
10.2 Ping An Insurance (Group) Co
10.3 PICC Property & Casualty Limited
10.4 China Pacific Insurance (Group) Co. Ltd
2. CHINA - AN EMERGING ECONOMY
2.1 Economic Analysis
2.2 Demographic Profile
2.3 Income Growth Pattern
3. INSURANCE MARKET OVERVIEW
4. MARKET PROJECTIONS TO 2013
4.1 By Personal Insurance
4.1.1 Life Insurance
4.1.2 Health Insurance
4.1.3 Personal Accident Insurance
4.2 By Property Insurance
4.2.1 Motor Insurance
4.2.2 Commercial Property Insurance
4.3 By Province
4.3.1 Personal Insurance
4.3.2 Property Insurance
5. REINSURANCE MARKET
6. PRODUCT DISTRIBUTION PATTERN
7. ROLE OF FOREIGN INSURERS - AN ANALYSIS
8. RECENT REGULATORY DEVELOPMENTS
9. KEY INDUSTRY TRENDS
9.1 Investment-cum-insurance Products
9.2 Product Liability Insurance
9.3 Marine Insurance
9.4 Agriculture Insurance
9.5 Pension Insurance
9.6 Credit Insurance
9.7 Investment Pattern
9.8 Income Disparities
9.9 Cultural Barriers
9.10 Shortage of Qualified Personnel
10. POTENTIAL INDUSTRY PLAYERS
10.1 China Life Insurance Company Limited
10.2 Ping An Insurance (Group) Co
10.3 PICC Property & Casualty Limited
10.4 China Pacific Insurance (Group) Co. Ltd
LIST OF FIGURES:
Figure 2-1: Economic Growth (%), 2008-2013
Figure 2-2: GDP Mix by Sector (%), 2007
Figure 2-3: Population (Million), 2002-2008
Figure 2-4:Urban and Rural Population Split (%), 2001-2008
Figure 2-5: Disposable Income (US$/Head), 2008-2013
Figure 3-1: Insurance Premium (Billion RMB), 2006-2013
Figure 3-2: Share of Personal and Property Insurance Premium (2008)
Figure 3-3-: Number of Personal and Property Insurers (2002-2007)
Figure 4-1: Personal Insurance Premium (Billion RMB), 2006-2013
Figure 4-2: Personal Insurance Premium by Segment (%), 2008
Figure 4-3: Market Share of Leading Personal Insurers (%), 2008
Figure 4-4: Personal Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-5: Life Insurance Premium (Billion RMB), 2006-2013
Figure 4-6: Life Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-7: Health Insurance Premium (Billion RMB), 2006-2013
Figure 4-8: Health Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-9: Personal Accident Insurance Premium (Billion RMB), 2006-2013
Figure 4-10: Personal Accident Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-11: Property Insurance Premium (Billion RMB), 2006-2013
Figure 4-12: Forecast for Share of Motor Insurance in Property Insurance Premium (2009)
Figure 4-13: Market Share of Leading Property Insurers (%), 2008
Figure 4-14: Property Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-15: Motor Insurance Premium (Billion RMB), 2007-2013
Figure 4-16: Commercial Property Insurance Premium (Billion RMB), 2003-2013
Figure 4-17: Insurance Premium by Province (%), 2008
Figure 4-18: Personal Insurance Premium by Province (%), 2008
Figure 4-19: Property Insurance Premium by Province (%), 2008
Figure 5-1: Reinsurance Premium (Billion RMB), 2006-2013
Figure 6-1: Share of Insurance Premium through Bancassurance (2007, H1 2008 & 2008)
Figure 9-1: Personal Insurance Penetration in Comparison to Other Countries (%), 2007
Figure 9-2: Share of Investment-oriented Products in Personal Insurance Premium (H1 2008)
Figure 9-3: Agriculture Insurance Coverage (Billion RMB), 2007 & 2008
Figure 9-4: Enterprise Annuity Pension Insurance Premium (Billion RMB), 2007-2013
Figure 9-5: Average Personal Income in Urban and Rural Areas (RMB), 2002-2008
Figure 2-1: Economic Growth (%), 2008-2013
Figure 2-2: GDP Mix by Sector (%), 2007
Figure 2-3: Population (Million), 2002-2008
Figure 2-4:Urban and Rural Population Split (%), 2001-2008
Figure 2-5: Disposable Income (US$/Head), 2008-2013
Figure 3-1: Insurance Premium (Billion RMB), 2006-2013
Figure 3-2: Share of Personal and Property Insurance Premium (2008)
Figure 3-3-: Number of Personal and Property Insurers (2002-2007)
Figure 4-1: Personal Insurance Premium (Billion RMB), 2006-2013
Figure 4-2: Personal Insurance Premium by Segment (%), 2008
Figure 4-3: Market Share of Leading Personal Insurers (%), 2008
Figure 4-4: Personal Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-5: Life Insurance Premium (Billion RMB), 2006-2013
Figure 4-6: Life Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-7: Health Insurance Premium (Billion RMB), 2006-2013
Figure 4-8: Health Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-9: Personal Accident Insurance Premium (Billion RMB), 2006-2013
Figure 4-10: Personal Accident Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-11: Property Insurance Premium (Billion RMB), 2006-2013
Figure 4-12: Forecast for Share of Motor Insurance in Property Insurance Premium (2009)
Figure 4-13: Market Share of Leading Property Insurers (%), 2008
Figure 4-14: Property Insurance Claims Paid (Billion RMB), 2006-2008
Figure 4-15: Motor Insurance Premium (Billion RMB), 2007-2013
Figure 4-16: Commercial Property Insurance Premium (Billion RMB), 2003-2013
Figure 4-17: Insurance Premium by Province (%), 2008
Figure 4-18: Personal Insurance Premium by Province (%), 2008
Figure 4-19: Property Insurance Premium by Province (%), 2008
Figure 5-1: Reinsurance Premium (Billion RMB), 2006-2013
Figure 6-1: Share of Insurance Premium through Bancassurance (2007, H1 2008 & 2008)
Figure 9-1: Personal Insurance Penetration in Comparison to Other Countries (%), 2007
Figure 9-2: Share of Investment-oriented Products in Personal Insurance Premium (H1 2008)
Figure 9-3: Agriculture Insurance Coverage (Billion RMB), 2007 & 2008
Figure 9-4: Enterprise Annuity Pension Insurance Premium (Billion RMB), 2007-2013
Figure 9-5: Average Personal Income in Urban and Rural Areas (RMB), 2002-2008
LIST OF TABLES:
Table 4-1: Top Ten Provinces by Insurance Premium (Billion RMB), 2008
Table 4-2: Top Ten Provinces by Personal Insurance Premium (Billion RMB), 2008
Table 4-3: Top Ten Provinces by Property Insurance Premium (Billion RMB), 2008
Table 7-1: Top Five Foreign Life Insurers by Premium (Billion RMB), 2008
Table 7-2: Top Five Foreign Non-life Insurers by Premium (Billion RMB), 2008
Table 4-1: Top Ten Provinces by Insurance Premium (Billion RMB), 2008
Table 4-2: Top Ten Provinces by Personal Insurance Premium (Billion RMB), 2008
Table 4-3: Top Ten Provinces by Property Insurance Premium (Billion RMB), 2008
Table 7-1: Top Five Foreign Life Insurers by Premium (Billion RMB), 2008
Table 7-2: Top Five Foreign Non-life Insurers by Premium (Billion RMB), 2008
