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.
• Growth in health insurance demand has benefited from the country’s rising health care expenditure per capita.
• Reverse mortgage pilot program will be launched in four cities in China.
• Insurers are expected to increasingly focus on protection-type insurance products as a result of the industry deregulation.
Table of Contents
1. Industry Profile
1.1 Industry Size and Value
1.2 Life Insurance
1.3 Property Insurance
1.4 Foreign Insurers in China
2. Market trends and outlook
2.1 Health Insurance
2.2 Pension Insurance
2.4 Industry Deregulation
3. Leading Players and Comparative Matrix
3.1 Leading Players
3.1.1 China Life Insurance Co. Ltd.
3.1.2 Ping An Insurance (Group) Co. of China Ltd.
3.1.3 PICC Property and Casualty Co. Ltd
3.1.4 China Pacific Insurance (Group) Co. Ltd.
3.1.5 New China Life Insurance Co. Ltd.
3.2 Comparative Matrix
3.3 SWOT Analysis
4. Tables and Charts
Table 1: Top 10 Provinces or Cities with the Highest Life Insurance Premiums 2013
Table 2: Top 10 Provinces or Cities with the Highest Property Insurance Premiums 2013
Table 3: Top 10 Provinces or Cities with the Highest Health Insurance Premiums 2013
Table 4: China Life financial highlights
Table 5: Ping An financial highlights
Table 6: PICC financial highlights
Table 7: CPIC financial highlights
Table 8: NCI financial highlights
Table 9: Selected Peer Comparison of Key Financial Ratios
Chart 1: China Annual Insurance Premiums
Chart 2: China Annual Insurance Payment
Chart 3: Insurance Premiums by Type 2013
Chart 4: Insurance Payment by Type 2013
Chart 5: Total Assets of China Insurance Industry
Chart 6: Insurance Density in China
Chart 7: Insurance Depth in China
Chart 8: China Life Insurance Premiums
Chart 9: China Property Insurance Premiums
Chart 10: Life Insurance Premiums of Foreign Insurers in China
Chart 11: Property Insurance Premiums of Foreign Insurers in China
Chart 12: Health Care Expenditure per Capita
Chart 13: China Health Insurance Premiums
Chart 14: Number of Insured Person of Pension Insurance
Chart 15: China Life Segment Revenue 2013
Chart 16: Ping An Segment Revenue 2013
Chart 17: PICC Segment Revenue 2013
Chart 18: CPIC Segment Revenue 2013
Chart 19: NCI Segment Revenue 2013
Release Date: Thu, 31 Jul 2014