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China Online Insurance Market - Growth, Trends, and Forecast (2019 - 2024)

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  • 155 Pages
  • April 2019
  • Region: China
  • Mordor Intelligence
  • ID: 4771854
Market Overview
  • Premium income in the Chinese online insurance market is estimated to surpass CNY 300 billion in 2019 and the market is expected to witness strong growth rate during the forecast period.
  • Property insurance premiums in the Chinese online insurance market increased significantly over the first half of 2018. It increased by 37.29% year-on-year to 32.64 billion in the first half of 2018, as per the Insurance Association of China.
  • Over 24% of the total income from premiums was accounted by the online-only insurers in the country.
  • Auto insurance premiums accounted for more than half of the total premiums and grew 15.38%, while premiums from non-auto insurance sales online surged 79.35% during the first half of 2018 in the Chinese online insurance market.

Scope of the Report

This report aims to provide a detailed analysis on the online insurance market in China. It focuses on the market dynamics, recent trends, and insights on the online insurance market in China. It also analyses the major players and the competitive landscape in the market.

Key Market Trends

Insurtech Influencing the Online Insurance Market in China
  • Insurtech, messaging platforms, and online sales channels are disrupting the insurance landscape in China
  • Three major technology companies in China (Alibaba, Tencent, and Baidu) have been aggressively investing to expand the reach, scale and accessibility of their digital platforms into financial services. The speed and scale of these investment has made China one of the fastest growing insurtech market globally.
  • The Chinese insurance market has doubled over the past six years. However, the insurance penetration is comparatively less in developed markets, with ~4%. This is in contrast with America, where it’s 7.3 per cent and 10 per cent in the United Kingdom.
  • ZhongAn, an online insurance company in China launched offbeat, online, micro-policies including one insuring against self-inflicted liver damage for Chinese football fans. Another one among its policies reimbursed customers when the temperature hit 37C. The company also paid out for flight delays while customers were reportedly still at the airport. The company has sold approximately six billion policies to more than 460 million people.

Changing Consumer Behavior toward E-commerce
  • According to the 2018 annual online insurance policy report, more than 222 million consumers, which comprises ~28% of China's total internet users, have bought insurance policies online.
  • As per a report by Tencent, online insurance in China would remain robust with high potential, owing to the disparity in the number of consumers that purchased online insurance and the overall internet users in the country.
  • More than 75% of respondents in the survey said they are willing to use insurance sold via the internet.
  • Long-term accident insurance, long-term critical illness insurance, and life insurance are the three most purchased online, with children and the elderly being top priority targets.
  • In addition to this, the report states that middle-class families with income level ranging from USD 1,500 to USD 3,000 a month were one of the major consumer groups of online insurance in China.

Competitive Landscape

The report covers the major players operating in the Chinese online insurance market. In terms of market share, a few of the major players currently dominate the market studied. However, the market is highly fragmented, due to the presence of large number of players in the country. Therefore, companies have been focusing more on enhancing their online presence through collaborations and partnerships.

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Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2.1 Analysis Methodology
2.2 Research Phases
4.1 Market Overview
4.2 Market Growth Drivers
4.3 Market Challenges
4.4 Value Chain / Supply Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5.1 By Type
5.1.1 Life Insurance
5.1.2 Non-life Insurance
6.2.1 Zhong An
6.2.2 China Pacific
6.2.3 Ping An Insurance
6.2.4 PICC
6.2.5 Taikang Insurance Group
6.2.6 Sinosafe General Insurance Co. Ltd

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Zhong An
  • China Pacific
  • Ping An Insurance
  • PICC
  • Taikang Insurance Group
  • Sinosafe General Insurance Co. Ltd