China Insurance Sector Analysis
China’s insurance industry is one of the fastest growing insurance industries across the globe. While most of the countries worldwide are still witnessing brisk growth amid recovery, Chinese insurance industry has already started growing by leaps and bounds, ending 2010 with a growth of around 33%. Life insurance products including health and personal accidents resulted in maximum growth, accounting for a lion’s share of total insurance premium written in the country. The Chinese insurance industry is expected to grow at a CAGR of over 24% during 2011-2014.
General insurance premium are also growing at a rapid pace with burgeoning demand in various sub-segments. The report attempts to assess market potential in each of the sub segments namely motor (auto), property, agriculture, liability, cargo, and short-term personal accident insurance. Motor insurance accounts for a major share of general insurance premium and is a key driver for future. The market will also witness new and innovative insurance products in future to further increase penetration of the industry in the country.
However, the insurance market in China still remains largely untapped. With insurance penetration (in terms of GDP) at mere 3.4% at the end of 2009, China stands far behind than the global average penetration of over 7%. Thus, the future of industry looks certainly promising with ever strengthening distribution network, development of new channels for sales, and positive indicators for foreign players.
“China Insurance Sector Analysis” is an outcome of extensive research and in-depth study of the insurance market in China. The report discusses segments, such as Life insurance and General insurance, in detail and provides forecast for all important indicators, like premium growth in all sub-segments, reinsurance etc. The report has also identified key players existing in the market and includes their detail business description along with their SWOT analysis and recent activities. Additionally, the report not only discusses the market structure, current and past market performance of the Chinese insurance sector, but also sheds light on the product distribution channels and emerging market opportunities, which will decide the future of China’s insurance market.
General insurance premium are also growing at a rapid pace with burgeoning demand in various sub-segments. The report attempts to assess market potential in each of the sub segments namely motor (auto), property, agriculture, liability, cargo, and short-term personal accident insurance. Motor insurance accounts for a major share of general insurance premium and is a key driver for future. The market will also witness new and innovative insurance products in future to further increase penetration of the industry in the country.
However, the insurance market in China still remains largely untapped. With insurance penetration (in terms of GDP) at mere 3.4% at the end of 2009, China stands far behind than the global average penetration of over 7%. Thus, the future of industry looks certainly promising with ever strengthening distribution network, development of new channels for sales, and positive indicators for foreign players.
“China Insurance Sector Analysis” is an outcome of extensive research and in-depth study of the insurance market in China. The report discusses segments, such as Life insurance and General insurance, in detail and provides forecast for all important indicators, like premium growth in all sub-segments, reinsurance etc. The report has also identified key players existing in the market and includes their detail business description along with their SWOT analysis and recent activities. Additionally, the report not only discusses the market structure, current and past market performance of the Chinese insurance sector, but also sheds light on the product distribution channels and emerging market opportunities, which will decide the 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 2014
4.1 Life Insurance
4.2 General Insurance
4.2.1 Motor Insurance
4.2.2 Property Insurance
4.2.3 Agriculture Insurance
4.2.4 Liability Insurance
4.2.5 Short term Personal Accident Insurance
4.2.6 Cargo Insurance
4.3 By Province
4.3.1 Life Insurance
4.3.2 General Insurance
5. REINSURANCE MARKET
6. PRODUCT DISTRIBUTION CHANNELS
7. ROLE OF FOREIGN INSURERS - AN ANALYSIS
8. RECENT REGULATORY DEVELOPMENTS
9. MARKET OPPORTUNITIES
9.1 Online Sales Channel - An Opportunity for Motor Insurers
9.2 Scope for Investment-cum-insurance Products
9.3 Potential in Pension Insurance
9.4 Demand for Earthquake and Catastrophe Insurance
9.5 Opportunity for Growth in Tier - II and Tier - III cities
10. KEY 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 2014
4.1 Life Insurance
4.2 General Insurance
4.2.1 Motor Insurance
4.2.2 Property Insurance
4.2.3 Agriculture Insurance
4.2.4 Liability Insurance
4.2.5 Short term Personal Accident Insurance
4.2.6 Cargo Insurance
4.3 By Province
4.3.1 Life Insurance
4.3.2 General Insurance
5. REINSURANCE MARKET
6. PRODUCT DISTRIBUTION CHANNELS
7. ROLE OF FOREIGN INSURERS - AN ANALYSIS
8. RECENT REGULATORY DEVELOPMENTS
9. MARKET OPPORTUNITIES
9.1 Online Sales Channel - An Opportunity for Motor Insurers
9.2 Scope for Investment-cum-insurance Products
9.3 Potential in Pension Insurance
9.4 Demand for Earthquake and Catastrophe Insurance
9.5 Opportunity for Growth in Tier - II and Tier - III cities
10. KEY 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 (%), 2009-2014
Figure 2-2: GDP Contribution by Sector (%), 2010
Figure 2-3: Population (Million), 2006-2010
Figure 2-4: Share of Population in Key Countries by Age group (2010)
Figure 2-5: Urban and Rural Population Split (%), 2006-2010
Figure 2-6: Personal Disposable Income per head (US$), 2009-2014
Figure 3-1: Insurance Premium (Billion RMB), 2009-2014
Figure 3-2: Share of Life Insurance and General Insurance Premium (2010)
Figure 4-1: Life Insurance Premium (Billion RMB), 2009-2014
Figure 4-2: Share of Life Insurance Products by Type (2010)
Figure 4-3: Share of Leading Life Insurers (2010)
Figure 4-4: Life Insurance Claims Paid (Billion RMB), 2008-2010
Figure 4-5: General Insurance Premium (Billion RMB), 2009-2014
Figure 4-6: Share of General Insurance Products by Type (2010)
Figure 4-7: Share of Leading General Insurers (2010)
Figure 4-8: General Insurance Claims Paid (Billion RMB), 2008-2010
Figure 4-9: Motor Insurance Premium (Billion RMB), 2009-2014
Figure 4-10: Property Insurance Premium (Billion RMB), 2009-2014
Figure 4-11: Agriculture Insurance Premium (Billion RMB), 2009-2014
Figure 4-12: Liability Insurance Premium (Billion RMB), 2009-2014
Figure 4-13: Short-term Personal Accident Insurance Premium (Billion RMB), 2009-2014
Figure 4-14: Cargo Insurance Premium (Billion RMB), 2009-2014
Figure 4-15: Insurance Premium by Province (%), 2010
Figure 4-16: Life Insurance Premium by Province (%), 2010
Figure 4-17: General Insurance Premium by Province (%), 2010
Figure 5-1: Reinsurance Premium (Billion US$), 2009-2014
Figure 5-2: Share of Life and General Insurance in Reinsurance Premium (2010)
Figure 6-1: Insurance Premium by Distribution Channel (2009)
Figure 6-2: Breakup of Insurance Agents and Industry Bodies by Premium (2009)
Figure 9-1: Life Insurance Premium as a percentage of the GDP in Comparison to Other Countries (2009)
Figure 9-2: Share of Investment-oriented Products in Life Insurance Premium (2010)
Figure 10-1: Investment Portfolio of China Life Insurance Company Limited (%), 2010
Figure 10-2: Investment Portfolio of Ping An Insurance (Group) Co (%), 2010
Figure 10-3: Investment Portfolio of PICC Property & Casualty Limited (%), 2010
Figure 10-4: Investment Portfolio of China Pacific Insurance (Group) Co. Ltd (%), 2010
Figure 2-1: Economic Growth (%), 2009-2014
Figure 2-2: GDP Contribution by Sector (%), 2010
Figure 2-3: Population (Million), 2006-2010
Figure 2-4: Share of Population in Key Countries by Age group (2010)
Figure 2-5: Urban and Rural Population Split (%), 2006-2010
Figure 2-6: Personal Disposable Income per head (US$), 2009-2014
Figure 3-1: Insurance Premium (Billion RMB), 2009-2014
Figure 3-2: Share of Life Insurance and General Insurance Premium (2010)
Figure 4-1: Life Insurance Premium (Billion RMB), 2009-2014
Figure 4-2: Share of Life Insurance Products by Type (2010)
Figure 4-3: Share of Leading Life Insurers (2010)
Figure 4-4: Life Insurance Claims Paid (Billion RMB), 2008-2010
Figure 4-5: General Insurance Premium (Billion RMB), 2009-2014
Figure 4-6: Share of General Insurance Products by Type (2010)
Figure 4-7: Share of Leading General Insurers (2010)
Figure 4-8: General Insurance Claims Paid (Billion RMB), 2008-2010
Figure 4-9: Motor Insurance Premium (Billion RMB), 2009-2014
Figure 4-10: Property Insurance Premium (Billion RMB), 2009-2014
Figure 4-11: Agriculture Insurance Premium (Billion RMB), 2009-2014
Figure 4-12: Liability Insurance Premium (Billion RMB), 2009-2014
Figure 4-13: Short-term Personal Accident Insurance Premium (Billion RMB), 2009-2014
Figure 4-14: Cargo Insurance Premium (Billion RMB), 2009-2014
Figure 4-15: Insurance Premium by Province (%), 2010
Figure 4-16: Life Insurance Premium by Province (%), 2010
Figure 4-17: General Insurance Premium by Province (%), 2010
Figure 5-1: Reinsurance Premium (Billion US$), 2009-2014
Figure 5-2: Share of Life and General Insurance in Reinsurance Premium (2010)
Figure 6-1: Insurance Premium by Distribution Channel (2009)
Figure 6-2: Breakup of Insurance Agents and Industry Bodies by Premium (2009)
Figure 9-1: Life Insurance Premium as a percentage of the GDP in Comparison to Other Countries (2009)
Figure 9-2: Share of Investment-oriented Products in Life Insurance Premium (2010)
Figure 10-1: Investment Portfolio of China Life Insurance Company Limited (%), 2010
Figure 10-2: Investment Portfolio of Ping An Insurance (Group) Co (%), 2010
Figure 10-3: Investment Portfolio of PICC Property & Casualty Limited (%), 2010
Figure 10-4: Investment Portfolio of China Pacific Insurance (Group) Co. Ltd (%), 2010
LIST OF TABLES:
Table 3-1: Number of Insurance Companies by Type (2009)
Table 4-1: Top Ten Provinces by Insurance Premium (Billion RMB), 2010
Table 4-2: Top Ten Provinces by Life Insurance Premium (Billion RMB), 2010
Table 4-3: Top Ten Provinces by General Insurance Premium (Billion RMB), 2010
Table 7-1: Top Five Foreign Life Insurers by Premium (Billion RMB), 2010
Table 7-2: Top Five Foreign General Insurers by Premium (Billion RMB), 2010
Table 10-1: China Life Insurance Company Limited - SWOT Analysis
Table 10-2: Ping An Insurance (Group) Co - SWOT Analysis
Table 10-3: PICC Property & Casualty Limited - SWOT Analysis
Table 10-4: China Pacific Insurance (Group) Co. Ltd - SWOT Analysis
Table 3-1: Number of Insurance Companies by Type (2009)
Table 4-1: Top Ten Provinces by Insurance Premium (Billion RMB), 2010
Table 4-2: Top Ten Provinces by Life Insurance Premium (Billion RMB), 2010
Table 4-3: Top Ten Provinces by General Insurance Premium (Billion RMB), 2010
Table 7-1: Top Five Foreign Life Insurers by Premium (Billion RMB), 2010
Table 7-2: Top Five Foreign General Insurers by Premium (Billion RMB), 2010
Table 10-1: China Life Insurance Company Limited - SWOT Analysis
Table 10-2: Ping An Insurance (Group) Co - SWOT Analysis
Table 10-3: PICC Property & Casualty Limited - SWOT Analysis
Table 10-4: China Pacific Insurance (Group) Co. Ltd - SWOT Analysis
