Boston, MA -- (SBWIRE) -- 03/21/2014 -- In spite of the slowing growth of China's economy, trends and developments in the non-life segment will underpin a very solid expansion of the insurance sector through the forecast period. Life insurance premiums should achieve double-digit growth in 2014 as well.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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The past slowing of the economy appears not to have had a material impact on the overall fortunes of the non-life segment, where official data indicates that premiums (including health insurance and personal accident lines) have been rising at an annual rate of around 13%. In essence, the non-life companies have responded to the more difficult economic environment by cross-selling, developing new distribution channels such as telemarketing and introducing new products. Government measures to boost usage of insurance in rural areas have also been beneficial. Particular regional markets within China have been very competitive. However, many of the leading non-life companies are actively working to boost customer service (eg with claims handling) and/or to lift underwriting profits. Looking forward, it is clear that the development of health insurance will be a key driver of growth.
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