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  4. > China Insurance Report Q4 2016

China Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

Includes 3 FREE quarterly updates

BMI View:
With an average total gross premium growth forecast of 8.7% over the coming five years, wehave a positive long-term outlook for China's insurance sector. Non-life insurance, in particular, willcapture the benefits of the rising disposable incomes of Chinese households, which will improve theaffordability of non-life products - accordingly, we expect non-life insurance to account for nearly 50% oftotal written premiums in the sector (up from 47% in 2016). This will be due to an uptick in sales of healthand motor insurance products, with solid growth also expected in personal accident and general liabilityinsurance. The Chinese insurance market is expected to remain one of the strongest in the region, offeringsignificant opportunities for investors.

Key Updates And Forecasts

- Accounting for 53% of total written insurance premiums, China's life insurance segment is relativelylarger (albeit not significantly) than the non-life segment. With low penetration and density rates, it isunderdeveloped by most standards. In spite of this, the market does offer potential, as it is set to grow byroughly 7.0% annually on average. Life premiums should rise from CNY1.32bn in 2016 to CNY1.87bnin 2020.

- The slightly smaller non-life insurance segment is set to outpace life insurance over the next five years interms of growth prospects. We foresee gross non-life insurance premiums expanding by 10.5% annually on average - rising from CNY1.21bn in 2016 to CNY1.82bn in 2020. By 2020, non-life insurance shouldaccount for 49.4% of total written insurance premiums.

- Access to the Chinese insurance market is still limited due to the various barriers installed by theregulator. A number of foreign companies have more recently overcome the barriers to entry by settingup partnerships with local players, eg, through means of joint ventures or other non-equity basedagreements, allowing them to tap into established distribution networks and leverage the reputation ofestablished local partners.

Table Of Contents

China Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (China 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (China 2013-2020) 12
Table: Life Insurance Claims (China 2008-2015) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (China 2013-2020) 16
Table: Non-Life Insurance Claims (China 2009-2015) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (China 2013-2020) 27
Insurance Risk/Reward Index 29
Asia Pacific Industry Risk/Reward Index 29
Table: Asia Pacific Insurance Risk/Reward Index Q416 30
Market Overview 31
Life Market Overview 31
Product Offering 31
Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2008-2015 33
Non-Life Market Overview 36
Product Offering 36
Competitive Landscape 36
Table: Non-Life Insurance Market (USDmn) 2008-2015 37
Company Profile 40
China Life Insurance Co Limited 40
China Pacific Insurance (Group) Co Limited 43
PICC Property and Casualty Co Limited 46
Ping An Insurance (Group) of China Limited 49
Methodology 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology 55
Table: Indicators 57
Table: Weighting of Indicators 58

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