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Life Insurance in China, Key Trends and Opportunities to 2020

June 2017 | 155 pages | ID: L6F6AFEBF83EN
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SYNOPSIS

Timetric’s 'Life Insurance in China, Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the Chinese life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Chinese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'Life Insurance in China, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Chinese life insurance segment, including:
  • The Chinese life insurance segment’s growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the Chinese economy and demographics
  • The various distribution channels in the Chinese life insurance segment
  • Details of the competitive landscape in the life insurance segment in China
  • Details of regulatory policy applicable to the Chinese insurance industry
SCOPE

This report provides a comprehensive analysis of the life insurance segment in China:
  • It provides historical values for the Chinese life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Chinese life insurance segment, and market forecasts to 2020.
  • It analyzes the various distribution channels for life insurance products in China.
  • It profiles the top life insurance companies in China and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Chinese life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Chinese life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Chinese insurance industry, and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • At the end of 2016, China overtook Japan to become the world’s second-largest insurance market, after the US.
  • The China Insurance Regulatory Commission (CIRC) increased the guaranteed interest-return cap from 2.5% to 3.5% for traditional and participating products in October 2015. In September 2016, the return cap was reduced to 3.0% for universal products.
  • In June 2016, the government established the Shanghai Insurance Exchange (SHIE), China’s first insurance exchange platform. In September 2016, the CIRC allowed Chinese insurers to invest in Hong Kong shares through the Shanghai-Hong Kong Stock Connect program.
  • In January 2016, 46 corporate entities, including 27 domestic insurers and 15 insurance asset-management companies, formed the China Insurance Investment Company to invest in infrastructure and transport projects.
  • In July 2016, the CIRC issued licenses to HeTai Life Insurance, the first online-only life insurer in China; it received approval to start operations in January 2017.
  • In June 2016, the CIRC approved the establishment of three mutual insurance associations for the first time
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison
4.2 Segment Indicators
  4.2.1 Gross written premium and penetration
  4.2.2 Claims
  4.2.3 Assets and investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance
  5.1.1 Premium
  5.1.2 Penetration
5.2 Group Life Insurance
  5.2.1 Premium
  5.2.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles
  7.1.1 China Life Insurance Co. Ltd – company overview
  7.1.2 China Ping An Life Insurance Co. Ltd – company overview
  7.1.3 New China Life Insurance Co. Ltd – company overview
  7.1.4 China Pacific Life Insurance Co. Ltd – company overview
  7.1.5 PICC Life Insurance Co. Ltd – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
  8.3.1 Life insurance
  8.3.2 Property insurance
  8.3.3 Motor insurance
  8.3.4 Liability insurance
  8.3.5 Marine, aviation and transit insurance
  8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
  8.4.1 Motor third-party liability insurance
  8.4.2 Environmental liability insurance
  8.4.3 Social security system
  8.4.4 Aviation liability insurance
8.5 Supervision and Control
  8.5.1 International Associations of Insurance Supervisors
  8.5.2 China Insurance Regulatory Commission
8.6 Non-Admitted Insurance Regulations
  8.6.1 Overview
  8.6.2 Intermediaries
  8.6.3 Market practices
  8.6.4 Fines and Penalties
8.7 Company Registration and Operations
  8.7.1 Type of insurance organization
  8.7.2 Establishing a local company
  8.7.3 Foreign ownership
  8.7.4 Types of license
  8.7.5 Capital requirements
  8.7.6 Solvency margin
  8.7.7 Reserve requirements
  8.7.8 Investment regulations
  8.7.9 Statutory return requirements
  8.7.10 Fee structure
8.8 Taxation
  8.8.1 Insurance premium or policy taxation
  8.8.2 Withholding taxes on premium paid overseas
  8.8.3 Corporate tax
  8.8.4 VAT
  8.8.5 Captives
8.9 Legal System
  8.9.1 Introduction
  8.9.2 Access to court
  8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Linked vs. Non-Linked Policies

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

LIST OF TABLES

Table 1: Chinese Life Insurance – Key Facts, 2015
Table 2: Chinese Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Chinese Government Credit Ratings
Table 4: Chinese Life Insurance – Gross Written Premium (CNY Billion and US$ Billion), 2011–2015
Table 5: Chinese Life Insurance – Penetration (%), 2011–2015
Table 6: Chinese Life Insurance – Gross Written Premium (CNY Trillion and US$ Billion), 2015–2020
Table 7: Chinese Life Insurance – Penetration (%), 2015–2020
Table 8: Chinese Life Insurance – New Business Direct Written Premium (CNY Billion and US$ Billion), 2011–2015
Table 9: Chinese Life Insurance – New Business Direct Written Premium (CNY Billion and US$ Billion), 2015–2020
Table 10: Chinese Life Insurance – Premium per Capita (CNY and US$), 2011–2015
Table 11: Chinese Life Insurance – Premium per Capita (CNY and US$), 2015–2020
Table 12: Chinese Life Insurance – Paid Claims (CNY Billion and US$ Billion), 2011–2015
Table 13: Chinese Life Insurance – Paid Claims (CNY Billion and US$ Billion), 2015–2020
Table 14: Chinese Life Insurance – Total Assets (CNY Trillion and US$ Billion), 2011–2015
Table 15: Chinese Life Insurance – Total Assets (CNY Trillion and US$ Trillion), 2015–2020
Table 16: Chinese Life Insurance – Total Investment Income (CNY Billion and US$ Billion), 2011–2015
Table 17: Chinese Life Insurance – Total Investment Income (CNY Billion and US$ Billion), 2015–2020
Table 18: Chinese Life Insurance – Investment Portfolio (CNY Billion), 2011–2015
Table 19: Chinese Life Insurance – Investment Portfolio (CNY Billion), 2015–2020
Table 20: Chinese Life Insurance – Direct Written Premium by Sub-Segment (CNY Billion), 2011–2015
Table 21: Chinese Life Insurance – Direct Written Premium by Sub-Segment (CNY Billion), 2015–2020
Table 22: Chinese Individual Life Insurance – Direct Written Premium by Category (CNY Billion), 2011–2015
Table 23: Chinese Individual Life Insurance – Direct Written Premium by Category (CNY Billion), 2015–2020
Table 24: Chinese Group Life Insurance – Direct Written Premium by Category (CNY Billion), 2011–2015
Table 25: Chinese Group Life Insurance – Direct Written Premium by Category (CNY Billion), 2015–2020
Table 26: Chinese Life Insurance – New Business Direct Written Premium by Distribution Channel (CNY Billion), 2011–2015
Table 27: Chinese Life Insurance – New Business Direct Written Premium by Distribution Channel (CNY Billion), 2015–2020
Table 28: Chinese Life Insurance – Percentage of New Business Direct Written Premium, by Distribution Channel, 2011–2020
Table 29: Chinese Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Table 30: China Life Insurance Co. Ltd – Key Facts
Table 31: China Life Insurance Co. Ltd – Key Financials (CNY Billion), 2011–2015
Table 32: China Ping An Life Insurance Co. Ltd – Key Facts
Table 33: China Ping An Life Insurance Co. Ltd – Key Financials (CNY Billion), 2011–2015
Table 34: New China Life Insurance Co. Ltd – Key Facts
Table 35: New China Life Insurance Co. Ltd – Key Financials (CNY Billion), 2011–2015
Table 36: China Pacific Life Insurance Co. Ltd – Key Facts
Table 37: China Pacific Life Insurance Co. Ltd – Key Financials (CNY Billion), 2011–2015
Table 38: PICC Life Insurance Co. Ltd – Key Facts
Table 39: PICC Life Insurance Co. Ltd – Key Financials (CNY Billion), 2011–2015
Table 40: China – Insurance Regulatory Framework Key Features
Table 41: China – Life Insurance Regulatory Framework
Table 42: China – Property Insurance Regulatory Framework
Table 43: China– Motor Insurance Regulatory Framework
Table 44: China– Motor Insurance Regulatory Framework
Table 45: China – Liability Insurance Regulatory Framework
Table 46: China – Corporate Tax Rates for the Financial Year 2017
Table 47: Chinese Life Insurance – Policies and Premium, 2011–2015
Table 48: Chinese Life Insurance – Policies and Premium, 2015–2020
Table 49: Chinese Life Insurance – Claims and Expenses, 2011–2015
Table 50: Chinese Life Insurance – Claims and Expenses, 2015–2020
Table 51: Chinese Life Insurance – Assets and Investments, 2011–2015
Table 52: Chinese Life Insurance – Assets and Investments, 2015–2020
Table 53: Chinese Life Insurance – Direct Marketing and E-Commerce, 2011–2015
Table 54: Chinese Life Insurance – Direct Marketing and E-Commerce, 2015–2020
Table 55: Chinese Life Insurance – Insurance Brokers and Agencies, 2011–2015
Table 56: Chinese Life Insurance – Insurance Brokers and Agencies, 2015–2020
Table 57: Chinese Life Insurance – Insurance Brokers and Agencies, 2011–2015
Table 58: Chinese Life Insurance – Insurance Brokers and Agencies, 2015–2020
Table 59: Chinese Life Insurance – Individual Life Insurance, 2011–2015
Table 60: Chinese Life Insurance – Individual Life Insurance, 2015–2020
Table 61: Chinese Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 62: Chinese Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 63: Chinese Life Insurance – Group Life Insurance, 2011–2015
Table 64: Chinese Life Insurance – Group Life Insurance, 2015–2020
Table 65: Chinese Life Insurance – Linked vs. Non-Linked Policies, 2011–2015
Table 66: Chinese Life Insurance – Linked vs. Non-Linked Policies, 2015–2020
Table 67: Insurance Industry Definitions

LIST OF FIGURES

Figure 1: Chinese Real GDP (CNY Trillion), 2011–2020
Figure 2: Chinese GDP Components by Sector (%), 2015
Figure 3: China’s Economic Transition by GDP Component, 1990–2015
Figure 4: Chinese Consumer Price Inflation (%), 2011–2020
Figure 5: Chinese Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 6: Chinese Currency Exchange Rate, 2011–2015
Figure 7: Chinese Employment by Type of Enterprises, 2005–2015
Figure 8: Chinese Unemployment Rate, 2011–2020
Figure 9: Chinese Population by Age Group, 1991–2025
Figure 10: Chinese Bank Interest Rates, 2011–2016
Figure 11: Chinese Government Bond Yields, 2011–2017 Q1
Figure 12: Chinese Stock Market Performance, 2012 Q3–2017 Q1
Figure 13: Chinese Bond Yield Curves, 2016
Figure 14: Chinese Life Insurers’ Market Shares, 2012–2015
Figure 15: Chinese Life Insurers’ returns offered on policies, 2016–2017
Figure 16: Chinese Life Insurance Penetration – Regional Comparison (%), 2015
Figure 17: Chinese Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 18: Chinese Life Insurance – Gross Written Premium (CNY Trillion), 2011–2020
Figure 19: Chinese Life Insurance – Penetration (%), 2011–2020
Figure 20: Chinese Life Insurance – New Business Direct Written Premium (CNY Trillion), 2011–2020
Figure 21: Chinese Life Insurance – Premium per Capita (CNY), 2011–2020
Figure 22: Chinese Life Insurance – Paid Claims (CNY Billion), 2011–2020
Figure 23: Chinese Life Insurance – Total Assets (CNY Trillion), 2011–2020
Figure 24: Chinese Life Insurance – Total Investment Income (CNY Billion), 2011–2020
Figure 25: Chinese Life Insurance – Investment Portfolio (CNY Trillion), 2011–2020
Figure 26: Chinese Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 27: Chinese Life Insurance – Direct Written Premium by Sub-Segment (CNY Trillion), 2011–2020
Figure 28: Chinese Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020
Figure 29: Chinese Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020
Figure 30: Chinese Individual Life Insurance – Direct Written Premium by Category (CNY Trillion), 2011–2020
Figure 31: Chinese Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020
Figure 32: Chinese Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 33: Chinese Individual Life Insurance – Penetration (%), 2011–2015
Figure 34: Chinese Individual Life Insurance – Penetration (%), 2015–2020
Figure 35: Chinese Group Life Insurance – Direct Written Premium by Category (CNY Billion), 2011–2020
Figure 36: Chinese Group Life Insurance – Penetration (%), 2011–2015
Figure 37: Chinese Group Life Insurance – Penetration (%), 2015–2020
Figure 38: Chinese Life Insurance – New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 39: Chinese Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Figure 40: China – Key Changes in the Chinese Insurance Industry with the Insurance Law Amendments
Figure 41: China – Insurance Supervision and Control at Various Levels
Figure 42: China – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 43: China – Insurance Supervision and Control at Various Levels
Figure 44: China – Judiciary System



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