Life Insurance to Drive Chinese Insurance Market

According to a recently released industry report "China Insurance Sector Forecast to 2013" by RNCOS, the Chinese insurance industry is one of the fastest growing industries worldwide on account of low penetration. While most of the countries are busy in finding ways to come out from the financial crisis, the Chinese insurance industry has already started treading on a way that leads to fast pace growth in coming years. Last year (2008), the insurance industry grew at the fastest rate since 2002 and recorded YOY growth of over 39%.

Personal insurance products, including life, health and personal accidents, were responsible for majority of growth and accounted for over three-fourth of total insurance premium written. But the personal insurance sector is dominated by life insurance segment which represented nearly 90% of total personal insurance premium written in 2008.  Although the growth rate has been impressive in recent years, the Chinese life insurance market is still underdeveloped and has huge potential for further developments.

Moreover, the report analyzes the position of China's insurance sector on the world map. Our research indicates that the market is largely untapped and is at the initial stages of development. In terms of insurance penetration, the country stands much below the global average.

"China Insurance Sector Forecast to 2013" is an outcome of extensive research and in-depth study of the insurance market and its various segments. The report briefly tells about property insurance, reinsurance market, product distribution pattern and recent regulatory developments. Additionally, the report studies the pattern of macroeconomic variables and their impact on the insurance market. It also covers emerging industry trends, which will decide the future of China's insurance market.

Our report separately discusses the role of foreign players and their pace of expansion. We have also identified the key players in life as well as non-life insurance segments and their strategies to capture chunk of market share.

For more information visit: http://www.rncos.com/Report/IM228.htm