Table of Contents
This report profiles China's insurance industry, covering market data and trends up to May 31, 2014. The report also highlights key leading players including China Life Insurance Co. Ltd., Ping An Insurance (Group) Co. of China Ltd., PICC Property and Casualty Co. Ltd., China Pacific Insurance (Group) Co. Ltd. and New China Life Insurance Co. Ltd.
Annual insurance premiums and payment in China increased to RMB 1.72tn and RMB 621.2bn, respectively. Total assets of the industry grew to RMB 9.04bn by the end of May 2014. Industry concentration of both life and property insurances were high. In 2013, market share of foreign life insurers operating in China increased but the market share of foreign property insurers declined.
China Insurance Regulatory Commission (CIRC) introduced new rules in August 2013 to remove interest rate cap for traditional life policies and grant pricing flexibility to life insurance companies. This year, CIRC also required insurers to conduct a more comprehensive analysis on the risk profile of potential customers prior to selling new policy. In July 2014, the government launched a new scheme to expand the existing pension insurance coverage.
o Growth in health insurance demand has benefited from the country's rising health care expenditure per capita.
o Reverse mortgage pilot program will be launched in four cities in China.
o Insurers are expected to increasingly focus on protection-type insurance products as a result of the industry deregulation.
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