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Commercial Non-Life Insurance Brokers in China

  • January 2015
  • -
  • Finaccord
  • -
  • 22 pages

Commercial Non-Life Insurance Brokers in China, plus the BrokerBASE™ and market data file that accompany it, investigate the importance of brokers in the distribution of non-life (property and casualty) insurance for businesses in China. This report first provides unique data for the size, segmentation and growth of the Chinese commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research covering around 100 broking entities in total, it ranks the leading 40 brokers in China according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in China
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life insurance, excluding other types of business. 3
.and on brokerage, even where intermediaries can act as both agents and brokers 3
Rationale 3
Methodology 4
Research program 4
Market data analysis 4
Definitions 4
Premiums 4
Abbreviations 4
Exchange rate 4
BrokerBASE 5
Finaccord 5
2.0 MARKET ANALYSIS 7
Introduction 7
Regulatory information 7
There are now well over 400 insurance brokerage firms in China. 7
. including a number of entities that are owned outright by non-indigenous investors 7
Insurance brokers cannot serve business customers below a specific annual premium threshold 7
Risks dealt with by insurance brokers in China are mainly insured by Chinese underwriters 8
Commercial non-life insurance market 9
Commercial non-life premiums grew at a real compound annual rate of 13.7% between 2010 and 2014. 9
.with commercial liability insurance growing most rapidly among mainstream commercial lines. 10
Commercial non-life insurance brokers 11
Overview of brokers' presence in the distribution of commercial non-life insurance 11
Brokers have established a significant presence in several commercial insurance segments. 11
. but are much less influential in the huge market for commercial motor insurance. 11
. which limits their distribution share of total commercial non-life insurance business 11
Competitor trends and specialisms 13
The structure of the commercial lines broking market has become more fragmented in recent years 13
. albeit Aon-COFCO remains the market leader 13
The largest shareholder in Yingda Changan is China's state-owned electricity company 14
Jiang Tai Insurance Broker has established a joint venture with Arthur J. Gallagher and Co 14
Union Insurance Brokers provides cover for more than 180,000 schools across the country 14
The brokerages ranked fifth and sixth have both carved out positions of leadership in niche markets 14
Willis has opened over 20 offices since entering China more than ten years ago 14
Two of the brokerages ranked from eighth to tenth tend to specialise in particular client sectors 15
CNinsure is building an increasingly significant presence in the commercial lines broking market 16
International firms JLT and Lockton are both also present in China albeit via relatively small operations 16
On average, the top 40 brokers generate over 80% of their revenues from commercial lines 16
Brokers' distribution strategies 19
Several of the top 40 brokers can be described as regional specialists. 19
. and a few more specialise in particular client sectors. 19
. but none yet sell commercial insurance products online 19
Several international broker networks have China-based members that lie outside of the top 40 ranking 19
Future outlook 21
Commercial non-life insurance broking revenues are predicted to have expanded by well over 50% by 2018 21

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for commercial non-life insurance brokers in China 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Segmentation of the commercial non-life insurance market in China, 2014 9
Growth in the commercial non-life insurance market in China by segment, 2010 to 2014 10
Size and growth of the commercial non-life insurance market in China by segment, 2010 to 2014 (table)11
Brokers' share of the commercial non-life insurance market and revenues earned from it in China, 2010 and 2014 12
Brokers' share of the commercial non-life insurance market and revenues earned from it in China, 2010 and 2014 (table) 12
Market concentration for commercial non-life insurance broking in China, 2011 and 2013 13
Market shares of commercial non-life insurance broking revenues of the top ten brokers in China, 2013 15
Importance of different types of insurance broking for the top 40 commercial non-life insurance brokers in China 17
Importance of different types of insurance broking for the top 40 commercial non-life insurance brokers in China (cont.) 18
Partners of broker networks in China, 2014 20
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in China, 2018 21
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in China, 2018 (table) 22

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