China's insurance premiums will double to a trillion Yuan by 2010, thanks to increasing demand & continuous product innovation, as per a document issued by CIRC.
As spending on cars, education, travel & houses will increase during 2006-2010, demand for insurance will also grow, says the document CIRC (China Insurance Regulatory Commission).
With population of around 1.3 Billion, insurance is all set to play a major role for development of medical services, pensions & other social services. China looks to make a healthy insurance industry by 2010 with improved awareness among the people towards insurance & a better legal system, as per CIRC.
It has urged insurance firms to introduce further varieties of their products, explore markets & enhance risk-control mechanism in a bid to make China a modern & developed insurance industry by 2010, featuring a group of big insurance firms that have the ability to compete of international level.
"The Chinese insurance market has shown a steady growth in the recent past. China has a population of over 1.3 Billion and the top ten insurers in China only have approximately 10% share in the market. That means that 90% of the potential insurance market in China has yet not been tapped. The total insurance market in China is expected to grow at the rate of more than 13% to reach the level of more than US$ 100 Billion (790 Billion Yuan) from the year 2006 onwards," claims the report "China Insurance Sector Analysis (2006)" published by RNCOS.
Insurance premiums were at 493 Billion Yuan in 2005 and as per CIRC figures, representing an annual increase of 25 % from 2000-2005.
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