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China Insurance Market Outlook to 2016 - Driven By Automobile Insurance Market

  • April 2013
  • 102 pages
  • Ken Research Private Limited
Report ID: 1171807

Summary

Table of Contents

EXECUTIVE SUMMARY

The report titled “China Insurance Market Outlook to 2016 - Driven By Automobile Insurance Market” provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of the China insurance industry, market segmentation of non-life China insurance market and market size and segmentation of various non life segments. The report also provides value chain of China insurance market, competitive landscape and profile of major players operating in China insurance industry

The Chinese insurance industry has seen rapid expansion during 2005-2012 and will continue to see high growth rates in the next few years. The insurance market in the country has witnessed a compound annual growth rate of 22.2% in the last seven years and has recorded direct written premium of USD ~ million in 2012. The growth in the insurance industry is influenced by the fast growing economy coupled with the largest population in the world, surging personal disposable income and continuous economic system reforms in the country.

China’s life insurance industry has grown to become one of the largest insurance markets in the world with the direct written premium of USD ~ million in 2012. The increase in China’s life insurance industry is affected by the strong economic growth in the country and low penetration rates which has driven the demand for new products in the market. In 2011, the country’s direct written premium of life insurance industry accounted for ~% of its gross domestic product which is lower than Hong Kong of ~%, India of ~% and Malaysia of ~% in 2011.

The country non life insurance industry is the sixth largest market in the world with the direct written premium of USD ~ million in 2012. The market has witnessed a remarkable growth in the last seven years from USD ~ million in 2005 to USD ~ million in 2012 due to the increasing personal disposable income in the middle class families of the country. The rising personal disposable income has led to an incline in the expenditure on insurance products which includes accident, health, automobile, agricultural, property and others

The motor vehicle insurance segment is the biggest contributor in property and casualty industry comprising of approximately ~% in 2012. The opening of compulsory third party liability insurance (CTPL) market for the foreign insurance companies and the liberalization of commercial motor insurance pricing are the recent moves made the government of China. The introduction of foreign insures in CTPL industry would improve the market conditions by bringing more technical skills and experience which include better strategies in pricing, distribution channel and claim management.

The country's health insurance industry has experienced an incline in the claim paid from USD ~ million in 2010 to USD ~ million in 2011. The growth in the claim paid by the health insurers is influenced by an occurrence of earthquake in Mainland China and Yingjiang in 2011 respectively which has injured many people of the country.

KEY TOPICS COVERED IN THE REPORT

- The market size of Asia-Pacific insurance industry and the contribution of countries.
- The market size of China insurance industry.
- The market size of China life and non-life insurance industry.
- Market segmentation of non-life insurance markets of China.
- Claim paid on life and non-life insurance of China
- The market size and segmentation of property and casualty and health insurance market
- Trends and Development of China insurance market.
- Competitive Landscape of the major players in life and non-life insurance market.
- Competitive Landscape of the major player in property and casualty and health insurance market
- Future outlook and projections for Asia-Pacific and China insurance market
- Future outlook and projections for life and non-life China insurance market
- Microeconomics and industry factors including China population, GDP, health expenditure and number of vehicles, 2005-2016

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