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China Insurance Market 2007
China Knowledge Press, April 2007, Pages: 142
China’s insurance industry is one of the fastest growing in the world. From 2001, when China joined the WTO, to the end of 2006, the compounded growth rate of insurance premium income exceeded 25% annually and hit RMB 564.14 billion at the end of 2006, compared to RMB 143.03 billion at the beginning of 2001. The total assets of the insurance companies increased almost 6 times to RMB 1.97 trillion in 2006 from RMB 317.41 billion in 2000, a compounded annual growth rate of about 35.6%.
However, China’s insurance market is still relatively immature despite its rapid growth in recent years. Historically, the role of the State and the issue of affordability were key constraints on demand for insurance. The country’s high savings rate, weak social security system, increasingly ageing population and lack of alternative saving vehicles are fuelling demand for savings and protection-type products. Social and economic reforms are likely to encourage demand for life and property insurance. Liability, credit, property, pensions, and health insurance should also flourish.
In the light of China’s vast market potential which has been compared to a gold mine, the above facts make its insurance market, in particular, one of the biggest gold mines.
This report therefore serves to provide foreign investors with an in-depth understanding of China’s insurance market. It is divided into nine chapters and an appendix, as well as a directory.
Chapter One addresses several factors which could affect the demand for insurance products Chapter Two illustrates the historical development of China’s insurance market. Chapter Three offers a detailed analysis of the different insurance market segmentations. Chapter Four details the framework of laws and regulations pertaining to the industry as well as information on relevant organizations. Chapter Five takes a look at the situation of major domestic market players. Chapter Six focuses on the development of foreign insurance companies in China’s insurance market.
The future outlook for the industry is provided in Chapter Seven.
Finally, a complete list and detailed information of insurance companies can be found in the Directory.
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