Boston, MA -- (SBWire) -- 11/04/2013 --The life segment accounted for 59.7% of the country's insurance industry in 2012. The life segment's growth slackened in 2011 and 2012, after phenomenal expansion at a CAGR of 28.5% during 2006-2010. The changes in reporting basis to Chinese GAAP in 2011 (which excludes most premiums from variable universal life and investment-linked products) and new bancassurance regulations imposed by the China Banking Regulatory Commission (CBRC) in November 2010 reduced the growth in premium. Despite the current challenging operating environment for life insurance, the long-term growth potential remains encouraging given China's low insurance penetration, rising income levels and aging population.
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Key Highlights
- The life insurance segment is going through a sluggish phase, marred by uncertain economic growth and volatile market conditions.
- The ongoing tightening of regulation by the China Insurance Regulatory Commission (CIRC) is also acting as a hindrance to growth.
- Despite the pressures, China remains a significant opportunity for insurers given the largely underpenetrated nature of the life insurance segment.
- The life segment accounted for 59.7% of the country's insurance industry in 2012.
- The segment is concentrated with 96% of the total life segment premium in 2012 distributed among domestic insurers.
- The long-term growth potential remains encouraging given China's low insurance penetration, rising income levels and aging population.
Scope
This report provides a comprehensive analysis of the life insurance segment in China:
- It provides historical values for China's life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in China's life insurance segment, along with industry forecasts until 2017
- It covers an exhaustive list of parameters including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in China
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in China for the life insurance segment
- It provides a detailed analysis of the reinsurance segment in China and its growth prospects
- It profiles the top life insurance companies in China and outlines the key regulations affecting them
Reasons to Get This Report
- Make strategic business decisions using historic and forecast market data related to the Chinese life insurance segment and each sector within it
- Understand the demand-side dynamics, key trends and growth opportunities within the Chinese life insurance segment
Companies Mentioned in this Report: China Life Insurance, Ping An Insurance Group, New China Life Insurance Co. Ltd, China Pacific Insurance (Group) Co., Ltd, PICC Life, Taikang Life Insurance Co., Ltd, Taiping Life Insurance Company Ltd, Sino Life Insurance Co., Ltd, Sunshine Insurance Group Co., Ltd, China Post Life Insurance Company Ltd
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"Life Insurance in China, Key Trends and Opportunities to 2017" Now Available at Fast Market Research
Recently published research from Timetric, "Life Insurance in China, Key Trends and Opportunities to 2017", is now available at Fast Market Research