Research Report on Chinese Insurance Industry, 2008-2009
In 2008, Chinese insurance industry realized rapid growth. The insurance industry attained the original insurance premium revenue of RMB 978.41 billion, rising by 39.1% YOY. Among that, the original insurance premium revenues of the property insurance business, the life insurance business, the health insurance business and the casualty insurance business were RMB 233.67 billion, RMB 665.84 billion, RMB 58.55 billion and RMB 20.36 billion, rising by 17% YOY, 49.2% YOY, 52.4% YOY and 7.1% YOY separately.
In 2008Q4, the premium growth rate in the insurance industry saw substantial decline compared with that in the first three quarters of 2008. This is mainly because of the weakening of Chinese economy resulting from the spread of the financial crisis aroused by American subprime crisis. The influence of the financial crisis on China is deepening. Thus, Chinese economic situation is not bright and the domestic economic operation is increasingly difficult, leading to the severe employment situation and slow growth of residents’ income. This may cause the decrease of willingness and payment ability of some enterprises and residents to buy insurance products. Moreover, under the financial crisis, the sustaining recession of the capital market and the continuous reduction of interest rates in banks result in the dramatic net value shrinkage of the Investment-linked insurance and the continuous decline of universal insurance credit rate. The attraction of the investment-linked insurance once contributing greatly to the premium also decreases considerably, leading to the drop of the premium revenue of the investment-linked insurance.
From January to September of 2009, the premium revenue of Chinese insurance industry was RMB 858.03 billion, growing by 8.1% YOY. Among that, the property insurance business remained rapid growth with the premium revenue of RMB 223.39 billion, rising by 21.4% YOY; the personal insurance business realized stable growth on the basis of the large growth in the previous year, whose premium revenue was RMB 634.64 billion, increasing by 4.1% YOY. By the end of September 2009, the total assets in insurance companies amounted to RMB 3.8 trillion, rising by 18.9% compared with that at the beginning of 2009. In the previous three quarters of 2009, the predicted profit of insurance companies was RMB 39.19 billion, rising by RMB 45.77 billion YOY.
From January to September of 2009, market shares of Guangdong, Jiangsu and Shandong still ranked the Top 3, but their market shares and rankings changed. The market share of Guangdong was 8.6% with a growth of 0.12% compared with that of 2009H1, ranking the Top 1 from the second previously. The market share of Jiangsu was 8.35%, reducing by 0.24% over that in 2009H1 and ranking the second. The market share of Shandong was 6.1%, remaining the third in ranking.
Through this report, readers can acquire more information:
- Operation of Chinese insurance industry, 2008-2009
- Premium revenues of Chinese insurance industry, 2005-2009
- Operation of sub-industries of Chinese insurance industry, 2008-2009
- Major policies on Chinese insurance industry, 2008-2009
- Development tendency of Chinese insurance industry, 2010
Following persons are recommended to buy this report:
- Insurance enterprises
- Investors concerning Chinese insurance industry
- Research institutes concerning Chinese insurance industry
- Others concerning Chinese insurance industry
In 2008Q4, the premium growth rate in the insurance industry saw substantial decline compared with that in the first three quarters of 2008. This is mainly because of the weakening of Chinese economy resulting from the spread of the financial crisis aroused by American subprime crisis. The influence of the financial crisis on China is deepening. Thus, Chinese economic situation is not bright and the domestic economic operation is increasingly difficult, leading to the severe employment situation and slow growth of residents’ income. This may cause the decrease of willingness and payment ability of some enterprises and residents to buy insurance products. Moreover, under the financial crisis, the sustaining recession of the capital market and the continuous reduction of interest rates in banks result in the dramatic net value shrinkage of the Investment-linked insurance and the continuous decline of universal insurance credit rate. The attraction of the investment-linked insurance once contributing greatly to the premium also decreases considerably, leading to the drop of the premium revenue of the investment-linked insurance.
From January to September of 2009, the premium revenue of Chinese insurance industry was RMB 858.03 billion, growing by 8.1% YOY. Among that, the property insurance business remained rapid growth with the premium revenue of RMB 223.39 billion, rising by 21.4% YOY; the personal insurance business realized stable growth on the basis of the large growth in the previous year, whose premium revenue was RMB 634.64 billion, increasing by 4.1% YOY. By the end of September 2009, the total assets in insurance companies amounted to RMB 3.8 trillion, rising by 18.9% compared with that at the beginning of 2009. In the previous three quarters of 2009, the predicted profit of insurance companies was RMB 39.19 billion, rising by RMB 45.77 billion YOY.
From January to September of 2009, market shares of Guangdong, Jiangsu and Shandong still ranked the Top 3, but their market shares and rankings changed. The market share of Guangdong was 8.6% with a growth of 0.12% compared with that of 2009H1, ranking the Top 1 from the second previously. The market share of Jiangsu was 8.35%, reducing by 0.24% over that in 2009H1 and ranking the second. The market share of Shandong was 6.1%, remaining the third in ranking.
Through this report, readers can acquire more information:
- Operation of Chinese insurance industry, 2008-2009
- Premium revenues of Chinese insurance industry, 2005-2009
- Operation of sub-industries of Chinese insurance industry, 2008-2009
- Major policies on Chinese insurance industry, 2008-2009
- Development tendency of Chinese insurance industry, 2010
Following persons are recommended to buy this report:
- Insurance enterprises
- Investors concerning Chinese insurance industry
- Research institutes concerning Chinese insurance industry
- Others concerning Chinese insurance industry
OVERALL DEVELOPMENT OF CHINESE INSURANCE MARKET
OPERATION OF CHINESE PROPERTY INSURANCE MARKET, 2008-2009
- Overview
- Agricultural Insurance
- Mandatory Liability Insurance for Traffic Accidents
- Credit Insurance
OPERATION OF CHINESE PERSONAL INSURANCE MARKET, 2008-2009
- Overview
- Investment-linked Insurance
- Participating Insurance
- Operation Effectiveness of Personal Insurance
- Indemnity and Payment
- Utilization of Funds
REGIONAL DEVELOPMENT OF CHINESE INSURANCE MARKET, 2008-2009
- Regional Overall Development Features
- Development of Shanghai Insurance Market
- Major Competitors
POLICIES ON CHINESE INSURANCE INDUSTRY, 2008-2009
- Reduction of Charge Rates for Insurance Business Supervision Fees
- Issue of Fund Utilization Policies by China Insurance Regulatory Commission
- Establishment of Classified Supervision System by China Insurance Regulatory Commission since 2009
- China Insurance Regulatory Commission Enhances Rule Establishment; Hundred Billion Insurance Funds Await Injection into PE Market
- China Insurance Regulatory Commission Solicits Opinions on Regulations on Administration of Insurance Companies (Revised Draft)
- Approval of Six Laws on Chinese Insurance Industry
- Implementation of AIDS Insurance over the Entire Industry
PREDICTION ON DEVELOPMENT TENDENCY OF CHINESE INSURANCE INDUSTRY, 2010
- Factors Affecting Development
- Development Tendency
OPERATION OF CHINESE PROPERTY INSURANCE MARKET, 2008-2009
- Overview
- Agricultural Insurance
- Mandatory Liability Insurance for Traffic Accidents
- Credit Insurance
OPERATION OF CHINESE PERSONAL INSURANCE MARKET, 2008-2009
- Overview
- Investment-linked Insurance
- Participating Insurance
- Operation Effectiveness of Personal Insurance
- Indemnity and Payment
- Utilization of Funds
REGIONAL DEVELOPMENT OF CHINESE INSURANCE MARKET, 2008-2009
- Regional Overall Development Features
- Development of Shanghai Insurance Market
- Major Competitors
POLICIES ON CHINESE INSURANCE INDUSTRY, 2008-2009
- Reduction of Charge Rates for Insurance Business Supervision Fees
- Issue of Fund Utilization Policies by China Insurance Regulatory Commission
- Establishment of Classified Supervision System by China Insurance Regulatory Commission since 2009
- China Insurance Regulatory Commission Enhances Rule Establishment; Hundred Billion Insurance Funds Await Injection into PE Market
- China Insurance Regulatory Commission Solicits Opinions on Regulations on Administration of Insurance Companies (Revised Draft)
- Approval of Six Laws on Chinese Insurance Industry
- Implementation of AIDS Insurance over the Entire Industry
PREDICTION ON DEVELOPMENT TENDENCY OF CHINESE INSURANCE INDUSTRY, 2010
- Factors Affecting Development
- Development Tendency
SELECTED CHARTS
Chart Premium Revenues of Chinese Insurance Industry, 2005-2009
Chart Monthly Premium Revenues of Chinese Insurance Industry, January to September of 2009
Chart Premium Revenue Growth of Chinese Property Insurance, Q1-Q3 of 2001 ~ Q1-Q3 of 2009
Chart Premium Revenues of Chinese Property Insurance, 2007 ~ September of 2009
Chart Monthly Premium Revenues of Chinese Property Insurance, January to September of 2009
Chart Premium Revenues of Chinese Personal Insurance, January to September of 2009
Chart Indemnity and Payment of Chinese Insurance Industry, January to September of 2009
Chart Indemnity YOY Growth of Chinese Insurance Industry, 2007~September of 2009
Chart Indemnity YOY Growth of Chinese Personal Insurance, 2007~September of 2009
Chart Loss Ratio of Chinese Insurance Industry, 2007~September of 2009
Chart Assets of Chinese Insurance Industry, January to September of 2009
Chart Asset Alteration in Chinese Insurance Industry, 2007~September of 2009
Chart Regional Premium Revenues in China, January to September of 2009
Chart Operation of Shanghai Insurance Market, January to September of 2009
Chart Premium Revenues of Chinese Property Insurance Companies, January to September of 2009
Chart Premium Revenues of Chinese Life Insurance Companies, January to September of 2009
Chart Premium Revenues of Chinese Insurance Industry, 2005-2009
Chart Monthly Premium Revenues of Chinese Insurance Industry, January to September of 2009
Chart Premium Revenue Growth of Chinese Property Insurance, Q1-Q3 of 2001 ~ Q1-Q3 of 2009
Chart Premium Revenues of Chinese Property Insurance, 2007 ~ September of 2009
Chart Monthly Premium Revenues of Chinese Property Insurance, January to September of 2009
Chart Premium Revenues of Chinese Personal Insurance, January to September of 2009
Chart Indemnity and Payment of Chinese Insurance Industry, January to September of 2009
Chart Indemnity YOY Growth of Chinese Insurance Industry, 2007~September of 2009
Chart Indemnity YOY Growth of Chinese Personal Insurance, 2007~September of 2009
Chart Loss Ratio of Chinese Insurance Industry, 2007~September of 2009
Chart Assets of Chinese Insurance Industry, January to September of 2009
Chart Asset Alteration in Chinese Insurance Industry, 2007~September of 2009
Chart Regional Premium Revenues in China, January to September of 2009
Chart Operation of Shanghai Insurance Market, January to September of 2009
Chart Premium Revenues of Chinese Property Insurance Companies, January to September of 2009
Chart Premium Revenues of Chinese Life Insurance Companies, January to September of 2009
