China's insurance market became the third largest in the world last year, driven by five years of growth, the country's main insurance regulator has reported.Total insurance assets in China grew from five trillion yuan ($767 billion) in 2010 to 12 trillion yuan ($1.83 trillion) in 2015, according to figures from the China Insurance Regulatory Commission (CIRC) which were reported by state-owned news agency Xinhua.
However The Bigger Opportunity is yet to on fold The Chinese insurance market has grown at a furious pace in recent years. Between 2000 and 2014, the industry grew about 1,200% in size as measured by written premiums.It is estimated that China’s urbanization rate will increase from 47 percent in 2010 to 59 percent by 2020, meaning 208 million people are expected to move into cities over the period.Among this demographic many would consider purchasing their first insurance products as they move into cities,Another big opportunity is the lack of adequte sum assured among Chinese consumers.Chinese consumers do not have adequate life insurance coverage; China’s sum assured per GDP, which is a measure of insurance coverage, was 33 percent in 2010, only slightly higher than Indonesia’s 28 percent and significantly below India’s 58 percent, not to mention 100 percent and above in many mature markets opening a new customer segment for insurers.
In 2016, the chinese market for insurance is growing by the fastest it has since 2008, with a 43.6% year-over-year rise in gross written premiums at the end of Q3 and a 54.2% growth in monetary value (source: China Insurance Regulatory Commission ("CIRC")). The insurance markets in China’s coastal regions rose the fastest over the past three decades. The top 10 provinces and municipalities in China by P&C insurance premium volume are located mostly in coastal regions such as Guangdong, Jiangsu, Shandong, Shanghai, and Zhejiang
For the life insurance business, overall accounted for 80% of total premium income in the life market in recent two years .In the non-life sector, motor insurance has dominated the Chinese non-life market with premium income accounting for more than 70% total premium income. Commercial property insurance, agriculture insurance and liability insurance are the next three most significant product lines .
For the life insurance business, overall accounted for 80% of total premium income in the life market in recent two years .In the non-life sector, motor insurance has dominated the Chinese non-life market with premium income accounting for more than 70% total premium income. Commercial property insurance, agriculture insurance and liability insurance are the next three most significant product lines .
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