New Financial Services market report from Timetric: "Non-Life Insurance in China, Key Trends and Opportunities to 2016"

Boston, MA -- (SBWire) -- 01/03/2013 --The Chinese non-life insurance segment continued to grow at a healthy rate, largely unaffected by the on-going uncertainties surrounding the global economy. Allowing foreign insurers to write compulsory motor third-party liability insurance has provided an impetus for growth. However, large domestic insurers are anticipated to continue to dominate the segment over the forecast period (2012-2016) while smaller operators are projected to gradually increase their market share. Although the Chinese non-life insurance segment recorded rapid growth during the review period (2007-2011), it remains largely underpenetrated due to low levels of product awareness, weak penetration rates in rural areas and restrictions for foreign insurers.

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Key Highlights

- Although the Chinese non-life insurance market recorded rapid growth over the review period, it remains largely underpenetrated because of various limitations, including low product awareness, low penetration in rural areas and a lack of a robust distribution model.
- Of all the categories in the Chinese non-life insurance market, automobile insurance is the market leader, representing 71.8% of the market in 2011.
- Property insurance was the second-largest category in the non-life insurance market, accounting for 22.16% of the total non-life insurance written premium in 2011.
- Over the forecast period, growth in the non-life market will be driven by the development of the automobile industry and active property and real estate markets in underdeveloped Chinese provinces. These projects will require innovative, customized insurance products.
- The Chinese non-life insurance market is highly concentrated, with the top eight companies accounting for 88.5% of the total retained premiums in 2010. The share of domestic companies as compared to foreign companies has been high, and the top eight non-life companies in the Chinese insurance industry are domestic companies.

Scope

This report provides a comprehensive analysis of the non-life insurance market in China:

- It provides historical values for China's non-life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in China's non-life insurance market, along with market forecasts until 2016
- 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 non-life insurance products in China
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in China for the non-life insurance business
- It provides a detailed analysis of the reinsurance market in China and its growth prospects

Companies Mentioned in this Report: PICC Property and Casualty Company Ltd., Ping An Property & Casualty Insurance Company, China Pacific Property Insurance Company Ltd, China Continent P & C Insurance Company Ltd, Sunshine Property and Casualty Insurance Company Ltd, China Taiping Insurance Holdings Company Limited

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