China Insurance Market ($ bn): 1996-2011Store this angel in big sizeChina has been the fastest-growing nation for the accomplished division of a aeon with an boilerplate anniversary GDP advance amount aloft 10%. Chinese abridgement is the 4th better in the apple afterwards the US, Japan and Germany, with a nominal GDP of US$3.42 abundance (2007) if abstinent in exchange-rate terms.
China is the world’s better beginning allowance market. With GDP advance of over 10% per annum, accelerated bread-and-butter development and a beginning chump class, China has the abeyant to become one of the world’s a lot of cogent allowance markets. Driven by a array of demographic, bread-and-butter and authoritative factors, this advance should abide at a solid clip for the accountable future. As of backward 2004, China was absolutely adjustable with its WTO insurance-related accession provisions, giving adopted firms greater bazaar access. While calm players boss the market, adopted insurers are gradually attaining greater bazaar share. Challenges remain, however, and cover an all-embracing abridgement of administration talent, artless consumers, poor administration channels and non-transparent authoritative approval processes.
Several factors are amenable for this alarming akin of growth. Some of the a lot of apparent ones are China’s crumbling population; top accumulation amount and poor amusing aegis systems as able-bodied as an accretion amount of affluent consumers articulation that is dispatch advance in the acreage and casualty, auto and bloom allowance sectors. Compared to its bounded peers, the Chinese bazaar is still essentially abate than Japan and hardly abate than South Korea. It is, however, the fastest-growing bazaar in both complete and about terms, growing by $61.17 billion and 169.63% amid 2002 and 2007. This accelerated development of the Chinese allowance bazaar is apprenticed by bread-and-butter growth, but exceptional advance has outstripped bread-and-butter advance consistently over the accomplished 5 years.
Market Performance & Forecast
In 1996, absolute exceptional .i.e. activity allowance and non-life allowance accumulated was $12.84 billion and in 2007, it was estimated to be $97.23 billion. Between 1996 and 2007, Chinese Insurance area accomplished a CAGR of about 20.21%. Between 1996 and 2000, activity articulation had an access of $13.11 billion from $7.14 billion to $18.56 billion and amid 2002 and 2007, an access of $37.47 billion from $24.26 billion in 2002 to $61.73 billion. We anticipation that activity allowance premiums in 2011 will be $108.12 billion. In non-life segment, amid 1996 and 2007, a advance of $29.80 billion was apparent from $5.70 billion in 1996 and $35.50 billion in 2007. It is accepted that non-life premiums in 2011 will be $64.37 billion.
Major Driving Factors
=> Variety of demographic, bread-and-butter and authoritative factors
=> Demand from Commercial Property Segment
=> Increased accident acquaintance and appeal for adult products
=> Improved ability of bounded insurers
=> Guarantee amount ameliorate and abounding others....
Major Trends & Issues
=> Foreign entrants adverse buying restrictions with account to collective ventures
=> Regulatory obstacles for adopted companies
=> Use of case channels by allowance companies to ability out to consumers in non-urban areas.
=> Customer adherence in China’s allowance bazaar is actual thin, and barter are calmly poached.
=> The State Council accepting afresh austere the way for banks to advance in accustomed allowance companies on a pilot basis
=> Focus from amount antagonism has confused to developing new articles and accretion the all-embracing admeasurement of the allowance market
=> Low assimilation as a aftereffect of low chump awareness
=> Need of added accommodation and ability in specialist areas such as MAT, energy, accountability allowance
=> And abounding other....
Emerging Areas
=> Longer-term adopted barter activity allowance policies
=> Cross-sector investment (e.g., investment in banks), and an amplification of investment classifications (asset-backed securities, property, industry funds, adopted markets, etc.) for insurers.
=> Development of a Stock Broker Market
=> Growth of calm reinsurance capacity
=> And abounding other....
According to China Insurance Regulatory Commission (CIRC) as of June 30, 2006, there were about 100 allowance companies in China. Out of these 100 companies, there were 56 calm allowance companies and 44 adopted allowance companies. Domestic allowance companies had a bazaar allotment of about 93.3% and the actual 6.7% was controlled by the adopted allowance companies. The absolute bazaar is absolutely burst and a lot of of these 56 calm allowance companies are region-centric and are able in their corresponding markets. The better adopted companies are AIU (a accessory of AIG), Tokio Marine, and Mitsui Somitomo. As new players accept entered the market, antagonism has agitated significantly, as the absolute players action to advance their bazaar share.
Topics covered in the report
=>Trend appraisal of Chinese abridgement & macroeconomic factors accidental to the advance of the sector
=>China’s position in the ambience of arising countries
Historical advance trends & advance drivers of Insurance & its sub-sectors in China and angle till 2011.
=>Market admeasurement of allowance area (total, activity & non-life) back 2000 till 2007
=>Market anticipation of allowance area (total, activity & non-life) amid 2007 and 2011
=>Government policies, initiatives, regulations and problems faced by adopted insurers
=>Key issues & challenges, above trends & opportunities
=>Role of banal brokers, banks, calm reinsurance and bancassurance segments
=>Industry and markets with best affairs for allowance products
=>Government’s initiatives to advance & adapt the allowance market
=>Competitive mural and bazaar allotment of top players
=>And abounding more...
Table of Contents
METHODOLOGY & RESEARCH APPROACH
EXECUTIVE SUMMARY
1.CHINA
1.1.CHINESE ECONOMY
1.1.1.Macroeconomic trends
1.2.GOVERNMENT POLICIES
1.2.1.Three-Step Regional Development Strategy
1.2.2.The 11th Five-Year Program (2006-2010)
1.2.3.Development of Energy-Efficient Society
2.CHINESE INSURANCE SECTOR
2.1.MARKET OVERVIEW
2.1.1.Insurance Sector vs. Macro-Economic Factors
2.1.2.Market Constituents
2.2.MARKET PERFORMANCE & FORECAST (1996-2011)
2.2.1.Chinese Insurance Market
2.2.1.1.Chinese Life Insurance Market
2.2.1.2.Chinese Non-Life Insurance Market
2.3.TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.3.1.Demand from Commercial Property Segment
2.3.2.Increasing Population and Prospective Buyers
2.3.3.Middle-men or Broker Market
2.3.4.Entry of Banks
2.3.5.Increasing accident acquaintance & appeal for avant-garde products
2.3.6.Guarantee amount reform
2.3.7.Development of calm reinsurance markets
2.3.8.Regulatory obstacles
2.3.9.Other above issues & trends
2.4.GOVERNMENT REGULATIONS
2.5.COMPETITIVE LANDSCAPE
2.5.1.Market Segmentation
2.5.1.1.Competition in Life Insurance Sector
2.5.1.2.Competition in Non-Life Insurance Sector
2.5.2.Driving Factors
2.5.3.Company Profiles
2.5.3.1.China Life Insurance Company Limited
2.5.3.2.China Pacific
2.5.3.3.Ping An
2.5.3.4.New China Life
Pages: 83; Format: PDF
List of Charts
Chart 1: China’s GDP Growth (1952-2005)
Chart 2: Macroeconomic Data & Factors
Chart 3: Total Premium Growth vs. GDP Growth (%) – 1996-2007e
Chart 4: Growth (%): Life vs. Non-Life vs. Total Premium vs. GDP (%) – 1996-2008f
Chart 5: Chinese Insurance Market: Segment Share
Chart 6: China Insurance Market Value ($billion): 2000-2007e
Chart 7: China Insurance Market Value Forecast ($ billion): 2008-2011f
Chart 8: Growth Trend of Life Insurance and Non-Life Insurance ($billion): 1996-2007e
Chart 9: GDP Growth vs. Total Premium Growth vs. Life Insurance Growth (%) – 1996-2007e
Chart 10: Life Insurance Market in China: 1996-2007e ($ billions)
Chart 11: Life Insurance Market in China: Forecast 2007-2011f ($billions)
Chart 12: GDP Growth vs. Total Premium Growth vs. Non-life Insurance Growth (%) – 1996-2008f
Chart 13: Sub-sector allotment of Non-life Insurance Market in China
Chart 14: Non-life Insurance Market in China: 1996-2007e ($ billions)
Chart 15: Non-life Insurance Market in China: Forecast 2007-2011f ($billions)
Chart 16: Market Share of Top 3 Domestic Life Insurance Companies
Chart 17: Market Share of Non-life Insurance Companies in China
Chart 18: Market Share of Reinsurers in China (2006)
List of Tables
Table 1: Macroeconomic Data & Factors
Table 2: Chinese GDP vs. US Dollar barter vs. Inflation Index
Table 3: Total Premium Growth & GDP Growth (%) – 1996-2007e
Table 4: Growth (%): Life vs. Non-Life vs. Total Premium vs. GDP (%) – 1996-2008f
Table 5: China Insurance Market Value & Forecast ($ billion): 1996-2011f
Table 6: Growth Trend of Life Insurance and Non-Life Insurance ($billion): 1996-2007e
Table 7: GDP Growth vs. Total Premium Growth vs. Life Insurance Growth (%) – 1996-2007e
Table 8: Life Insurance Market in China: 1996-2007 ($ billions)
Table 9: Life Insurance Market in China: Forecast 2007-2011 ($billions)
Table 10: GDP Growth vs. Total Premium Growth vs. Non-life Insurance Growth (%) – 1996-2008f
Table 11: Non-life Insurance Market in China: 1996-2007e ($ billions)
Table 12: Non-life Insurance Market in China: Forecast 2007-2011f ($billions)
Table 13: Top Domestic and Foreign-Invested Life Insurance Firms in China
Table 14: Top Domestic and Foreign-Invested Non-Life Insurance Firms in China
For added data on this industry report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
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About ‘The Knowledge Centre’
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