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China: An Insurance Giant
The Knowledge Centre (Sheffield Haworth), April 2008, Pages: 83
As per the China Insurance Regulatory Commission (CIRC) as of June 30, 2006, there were around 100 insurance companies in China. Out of these 100 companies, there were 56 domestic insurance companies and 44 foreign insurance companies. Domestic insurance companies had a market share of approximately 93.3% and the remaining 6.7% was controlled by the foreign insurance companies. The entire market is quite fragmented and most of these 56 domestic insurance companies are region-centric and are strong in their respective markets. The largest foreign companies are AIU (a subsidiary of AIG), Tokio Marine, and Mitsui Somitomo. As new players have entered the market, competition has intensified significantly, as the existing players fight to maintain their market share.
Topics covered in the report:
- Trend analysis of Chinese economy & macroeconomic factors contributing to the growth of the sector
- China’s position in the context of emerging countries
- Historical growth trends & growth drivers of Insurance & its sub-sectors in China and outlook till 2011.
- Market size of insurance sector (total, life & non-life) since 2000 till 2007
- Market forecast of insurance sector (total, life & non-life) between 2007 and 2011
- Government policies, initiatives, regulations and problems faced by foreign insurers
- Key issues & challenges, major trends & opportunities
- Role of stock brokers, banks, domestic reinsurance and bancassurance segments
- Industry and markets with best prospects for insurance products
- Government’s initiatives to promote & regulate the insurance market
- Competitive landscape and market share of top players,
etc
Major Trends & Issues:
- Foreign entrants facing ownership restrictions with respect to joint ventures
- Regulatory obstacles for foreign companies
- Use of bank channels by insurance companies to reach out to consumers in non-urban areas.
- Customer loyalty in China’s insurance market is very thin, and customers are easily poached.
- The State Council having recently cleared the way for banks to invest in established insurance companies on a pilot basis
- Focus from price competition has shifted to developing new products and expanding the overall size of the insurance market
- Low penetration as a result of low customer awareness
- Need of further capacity and expertise in specialist areas such as MAT, energy, liability insurance,
etc
Emerging Areas:
- Longer-term foreign exchange life insurance policies
- Cross-sector investment (e.g., investment in banks), and an expansion of investment classifications (asset-backed securities, property, industry funds, offshore markets, etc.) for insurers.
- Development of a Stock Broker Market
- Growth of domestic reinsurance capacity,
etc
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