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China Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
The Chinese insurance market presents immense growth opportunity for both foreign and domestic insurance companies as the industry has been growing at more than 25% p.a. This growth is mainly attributed to the improving segments of life insurance and health insurance. Apart from this, the insurance industry has also benefited from the surging demand for insurance products, changing social structure, rising number of educated and middle class people as well as reforms and tax relaxation policies of the government.
China’s insurance industry is dominated by the life insurance segment, which has registered a tremendous growth till now. The insurance density and market penetration in China are very low as compared to both developed countries as well as ASEAN region despite high growth rate of the industry as consumers in China still prefer bank deposits and bonds as savings instrument rather than insurance products. Historically, the insurance market had a limited number of companies, due to its centralized structure in China.
The present report gives an overview of the Chinese insurance market along with the analysis of China’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Chinese insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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