Life Insurance in China, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-28 22:51:01
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 2006â2010.
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.
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.
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