Product Type: Market Research Report
Published by: Global Industry Analysts
Published: March 2008
Product Code: R263-3400Description The Chinese Insurance Industry Report provides insightful analysis, market overview, industry structure and outlook of life and non-life insurance industries in the country. Richly laden with quantitative analysis, the report provides the reader with a rudimentary preface to the Chinese insurance industry. A synopsized discussion offers preludes to leaders and laggards in the other insurance markets within the non-life insurance sector, such as property, motor, cargo, credit, and agricultural insurance. The closely summarized Chinese market report is designed to offer a macro level picture of the market trends & issues, regulatory mechanisms; and recent mergers & acquisitions, and strategic corporate developments witnessed by the industry. Also provided is a compilation of recent past/ historical perspective of the country’s insurance market and corporate developments within the industry. The report examines the leading companies’ footing in insurance markets at regional level, along with their annual written premiums and/ or market shares. Regional key and niche players briefly discussed and abstracted in the report include Bank of China Group Insurance Company Ltd, China Life Insurance Co. Ltd., China Pacific Property Insurance Co., Ltd., China Pacific Life Insurance Co., Ltd., Ping'an Insurance Co., and PICC Property and Casualty Company Ltd.
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Table of Contents - 1. Industry Overview
- A ‘Giant’ Opportunity
- Insurance Sector Representation
- Table 1: Chinese Recent Past, Current & Future Analysis for
- Insurance Industry by Segment - Non-Life and Life Markets
- Independently Analyzed with Premiums in US$ Million for the
- Years 2006 through 2010 (includes corresponding Graph/Chart)
Table 2: Chinese 5 -Year Perspective for Insurance Industry
- by Segment - Percentage Breakdown of Premiums for Non-Life
- and Life Markets for 2006, 2008, and 2010 (includes
- corresponding Graph/Chart)
- Table 3: Chinese Insurance Industry (2006): Per Capita
- Premium in US$, and Penetration of Insurance by Category -
- Life and Non-Life
- Table 4: Chinese Insurance Industry (2006 & 2007): Percentage
- Breakdown of Investment Portfolio by Bonds, Deposits,
- Equities & Mutual Funds, and Others (includes corresponding
- Graph/Chart)
- Table 5: Leading Players in Chinese Insurance Industry
- (2006): Percentage Market Share by Company - China Life, Ping
- An, PICC P & C, Pacific Insurance, and Others (includes
- corresponding Graph/Chart)
- Table 6: Chinese Insurance Industry (2005): Number of
- Insurance Companies by Category - Life, Non-Life, and
- Reinsurers (includes corresponding Graph/Chart)
- Table 7: Chinese Life Insurance Industry (2002-2004):
- Percentage Breakdown of Life Insurance Depth (Premium/GDP)
- (includes corresponding Graph/Chart)
- Table 8: Chinese Life Insurance Industry (2002-2004): Life
- Insurance Density (Premium/Capita) in Rmb (includes
- corresponding Graph/Chart)
- China Peps up the Lure for Foreign Insurers
- Chinese Insurers Gear Up for Expanded Investment Avenues
- Insurance Market Outlook in China
- A Historic Perspective
- 2. Market Trends and Issues
- A Promising Market
- High Savings Rates Prop Growth
- Cultural Barriers - A Hitch
- Shanghai & Beijing: Insurance Hubs
- Burgeoning Growth in Beijing’s Insurance Market
- China-Funded Companies Dominate the Market
- Rise in Foreign Insurers Energizes the Insurance Market
- Hiked Competition Forces Premiums Down
- The Wave of Reforms
- Foreign Owned Insurers: Screening Out the Ceiling Effect
- Leading Chinese Banks to Enter Domestic Insurance Sector
- Deregulation of Insurance Industry Boosts Growth of P&C Insurance Sector
- Chinese Export Credit Insurance Market Picking Up
- IT Spend Set to Grow
- Big Potential for Global Insurance Industry in China
- China - Asia’s Leading Insurance Market
- Table 9: Chinese Insurance Industry (2005-2010): Total
- Insurance IT Expenditure in US$ Billion For Life and
- Non-Life Insurance (includes corresponding Graph/Chart)
- 3. Market Segments
- 3a. Non-Life Insurance Market
- Table 10: Chinese Non-Life Insurance Market (2005): Percentage
- Breakdown by Category - Auto, Property, Cargo, Liability, and
- Others (includes corresponding Graph/Chart)
- Major Non-Life Insurance Companies Operating in China (As of
- 2006)
-
- Table 11: Chinese Non-Life Insurance Industry (2003): Gross
- Written Premium in US$ Million by Leading Companies for
- PICC, China Pacific Property, Ping An Property, Tian An,
- China United Property, Da Zhong, Hua Tai, Yong An Property,
- Sinosafe General, and Taiping Insurance (includes
- corresponding Graph/Chart)
- Table 12: Chinese Non-Life Insurance Market (2001): Gross
- Written Premiums in US$ Million by Leading Companies for
- PICC, China Pacific, Ping An, Huatai, and Dazhong (includes
- corresponding Graph/Chart)
- Travel Insurance Experiences Rapid Growth in Shanghai
- Property & Casualty Insurance Market
- Table 13: Chinese Recent Past, Current & Future Analysis for
- Property & Casualty (P&C) Insurance Market with Premiums in
- RMB Billion for the Years 2006 through 2010 (includes
- corresponding Graph/Chart)
Table 14: Chinese Property & Casualty (P&C) Insurance Market
- (2007 & 2008): Percentage Breakdown of Premiums by Product
- Category - Motor Vehicle, Commercial Property, Liability,
- Cargo, Agriculture, and Others (includes corresponding
- Graph/Chart)
- Table 15: Chinese Non-life Insurance Industry (2006 & 2007):
- Percentage Breakdown Distribution Channels for Intermediaries
- (Individual Agents, Insurance Agencies, Professional
- Agencies, Insurance Brokers), and Direct Distribution
- (includes corresponding Graph/Chart)
- Table 16: Leading Players in Chinese Property & Casualty
- (P&C) Insurance Market (2006 & 2007): Percentage Market Share
- of Premiums by Company - PICC, China Pacific, Ping An P&C,
- China United Property, Dadi P&C, Tianan, Other Chinese Life
- Insurers, and Foreign Life Insurers (includes corresponding
- Graph/Chart)
- General Insurance Market - A Past Perspective
- Table 17: Top Players in the Chinese P&C Insurance Market
- (2003 & 2004): Percentage Value Breakdown of Premiums for
- PICC, China Pacific, Ping An and Others (includes
- corresponding Graph/Chart)
- Table 18: Chinese Motor Insurance Market (2004): Percentage
- Market Share by Company - China Pacific, China United, PICC,
- Ping An, Tian An, and Others (includes corresponding
- Graph/Chart)
- Table 19: Chinese Motor Insurance Market (2003): Percentage
- Value Breakdown of Premium by Company for PICC, China
- Pacific, Ping An and Others (includes corresponding
- Graph/Chart)
- Table 20: Leading Players in the Chinese Commercial Property
- Insurance Market (2003): Percentage Value Breakdown of
- Premium by Company for PICC, China Pacific, Ping An and
- Others (includes corresponding Graph/Chart)
- Table 21: Chinese Cargo Insurance Market (2003): Percentage
- Value Breakdown of Premium by Company - PICC, China Pacific,
- Ping An, Huatai and Others (includes corresponding
- Graph/Chart)
- Table 22: Chinese Credit Insurance Market (2003): Percentage
- Value Breakdown of Premium by Company - Ping An, China
- United, Yong An, Tian An, Sinosafe and Others (includes
- corresponding Graph/Chart)
- Table 23: Chinese Agricultural Insurance Market (2003):
- Percentage Value Breakdown of Premium by Company - PICC,
- China United and Others (includes corresponding Graph/Chart)
3b. Life Insurance Market
- A Marked Tilt Towards Life
- Table 24: Chinese Life Insurance Market (2007 & 2008):
- Percentage Breakdown of Premiums by Policy Type for
- Individual Life Insurance, Health Insurance, and Accident
- Insurance (includes corresponding Graph/Chart)
- Table 25: Chinese Life Insurance Industry: Life Insurance
- Premiums In US$ Billion for 2000-2004 (includes corresponding
- Graph/Chart)
- ‘Individual’ Market
- Table 26: China’s Life Insurance Premium (2000-2004):
- Percentage Share of Premium by Policy Type - Individual Life,
- Group Life, Accident and Health (includes corresponding
- Graph/Chart)
- Table 27: Chinese Life Insurance Industry (2005): Percentage
- Breakdown of Premiums by Distribution Channel - Individual
- Sales, Insurer/Intermediaries, Insurance Brokers, Insurance
- Intermediaries, and Others (includes corresponding
- Graph/Chart)
- Major Life Insurance Companies Operating in China (As of 2006)
- Competition Hots Up
- Table 28: Leading Players in Chinese Life Insurance Market
- (2006 & 2007): Percentage Breakdown of Premiums by Company -
- China Life Group, Ping An Insurance, China Pacific, New China
- Life, Taikang Life, Tai Ping Life, Minsheng Life, Sino Life,
- Other Local Life Insurers, and Foreign Life Insurers
- (includes corresponding Graph/Chart)
- Life Insurance Market - A Past Perspective
- Table 29: Leading Players in the Chinese Life Insurance
- Market (2004 & 2005): Percentage Breakdown by Value of
- Premium Written for - China Life, CLIC, China Pacific and
- Ping An (includes corresponding Graph/Chart)
- Table 30: Chinese Life Insurance Industry (2003): Percentage
- Value Breakdown of Premiums by Product Type for China Life,
- Ping An, China Pacific, and Others (includes corresponding
- Graph/Chart)
- Table 31: Chinese Life Insurance Industry (2003): Gross
- Written Premium in US$ Billion by Leading Companies for
- China Life, Ping An Life, China Pacific Life, New China
- Life, Taikang Life, Tai Ping Life, AIA (Shanghai), AIA
- (Guangzhou), ING Pacific, and Zong Hong (Shanghai) (includes
- corresponding Graph/Chart)
- Table 32: Leading Players in Chinese Life Insurance Market
- (2002): Percentage Share Breakdown by Written Premiums for
- China Life, Ping An, China Pacific, New China Life, Taikang
- Life, AIA (AIG) and Others (includes corresponding
- Graph/Chart)
3c. Reinsurance Market
- Reinsurance Industry in China
- Emergence of Private Investors and Large Foreign Reinsurance
- Companies
- Table 33: Chinese Recent Past, Current & Future Analysis for
- Reinsurance Industry with Premiums in US$ Billion for the
- Years 2005 through 2010 (includes corresponding Graph/Chart)
3d. Healthcare Insurance Market
- Rising Per Capita Health Care Spending in China Spells Growth for Medical Insurance
4. A Provincial Perspective
- Table 34: Chinese Insurance Market (2006): Percentage
- Breakdown of Life and Non-life Premiums by Province (includes
- corresponding Graph/Chart)
- Table 35: Insurance Penetration Percentage for Select Chinese
- Cities for 2005 (includes corresponding Graph/Chart)
- Table 36: China’s Top Ten Province/City (2003): Life Insurance
- Density (Premium/Person), Percentage Share of Life Insurance
- Depth (Premium/GDP) and No. of Domestic Foreign Insurers
- (includes corresponding Graph/Chart)
- Table 37: Competitive Landscape Across the Top Provinces in
- China: 2003 (includes corresponding Graph/Chart)
5. Chinese Insurance Industry - A Backgrounder
Commercial Insurance Industry Takes Roots in 1978
Regulatory Mechanisms
- Role of China Insurance Regulatory Commission (CIRC)
- Restrictions on Foreign Ownership
- Introduction of Compulsory Third Party Liability
Opening Up of China
- Gradual Opening Up of the Market
China’s Admission into WTO Fuels the Growth of Insurance Sector
- The Repercussions
International Reinsurance Companies Enter Chinese Reinsurance Market
6. Product Launch
Sino-US MetLife Introduces New Insurance Product
7. Recent Industry Activity
FIC Secures Chinese Regulatory Approval to Set Up an Insurance Subsidiary
China Reinsurance to Increase Stake in CLR
Ping Acquires Minority Share in Fortis
HSBC Insurance to Form a Joint Venture with NTL
Shanghai Dragon to Divest Interest in Dazhong Insurance
Union Life Insurance to Divest Stake
Allianz China to Expand Business
Morley to Form a Fund Management Joint Venture in China
Shin Kong Enters into Chinese Market
China Postal Group to Setup Insurance Firm
Lloyd's Starts Chinese Operations
CITIC Prudential Opens Branch in Tianjin
CIRC Grants Clearance for Dongbu Insurance’s Acquisition Proposal
China Life to Acquire 60% Stake in Zhongcheng
China Reinsurance to Increase Stake in China P&C Reinsurance
China Pacific Insurance to Buy Further 25% of China Pacific Life Insurance
Cheung Kong Purchases Minority Stake in Ming An
Insurance Australia to Buy Stake in China Pacific
AIA Receives Approval to Offer Group Insurance
ING Capital Alliances with BEA
Heng An Standard Life Opens Unit in Beijing
China Life to Buy Minority Stake in Huishang Bank
Tokyo Marine Acquires Stake in Chinese Tianan
Bangkok Bank Acquires 10% Stake in PICC Life
Allianz to Expand Business in China
Establishment of CPIC Insurance in China
Samsung Makes Footprints in Chinese Insurance Market
CCI Seeks Roadmap to Insurance Market in Chinese Mainland
Prudential Financial Eyes China
Chinese Auto Insurance Sector Gears up for a Big Bang Entry of SAIC
PICC Obtains CIRC’s Nod for Tri-Nation Partnership for Life Insurance
HSBC to Up Stake in Ping An Insurance
China Commences Operations of First Auto Insurance Company in Shanghai
Twelve New Branches From Huaan Insurance Company
Chinese Companies Foray Health Insurance Business
8. Strategic Corporate Developments in the Past
China Life Insurance and United Securities Enter into Insurance-Securities Agreement
Agricultural Bank of China Signs Agreement with China Pacific Insurance Group
Agricultural Bank of China Signs Agreement with New China Life Insurance
Sun Life-China Everbright JV Gets Government Nod
The Horton Group Signs Joint Venture with Wanxiang
John Hancock Life Insurance Forms Joint Venture with Tianan Insurance
Aegon Group Gains Approval for Joint Venture in } China
AMP Signs Joint Venture with China Pacific Life Assurance
GAB Robins Opens Representative Office in China
State Development Bank and Pacific Insurance Sign Agreement
9. Focus on Select Chinese Players
Bank of China Group Insurance Company Limited
China Life Insurance Co. Ltd.
China Pacific Property Insurance Co., Ltd.
China Pacific Life Insurance Co., Ltd
Ping'an Insurance Co.
PICC Property and Casualty Company Ltd.
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