Motor Insurance to Drive Chinese Insurance Market

Our research report “China Insurance Sector Forecast to 2013”, says that China’s insurance industry is one of the fastest growing insurance industries in the world. Not only personal insurance products, but also non-life (property) insurance products are also growing at a rapid pace. The market is mainly concentrated into two segments: Motor and Commercial Property insurance. Motor insurance, including voluntary and compulsory insurance, contributes more than 70% of the total non-life premiums in China. Car insurance has been a key driver of the motor insurance segment in the country. Motor insurance premium is expected to reach at 428 Billion RMB by 2013, over 220.8 billion RMB in 2009.

 

Personal insurance products will also contribute in the growth of the country’s insurance market. Personal insurance products including life, health, and personal accidents have led the majority of growth thus, accounting for over three-fourth of total insurance premium written in the country. We have also analyzed personal insurance along with property insurance and provided market projections for both till 2013.

 

We have found many other emerging non-life insurance products like product liability, credit, marine insurance etc, which will decide long-term viability of the non-life insurance market. Therefore, there is a strong need to focus on these emerging insurance segments. Our report provides an insight of the new emerging areas. The reinsurance market in China has been observing significant growth for the past couple of years. Chinese reinsurance market is not very old, but there has been a consistent and growing interest of players in this industry. Reinsurance premium is expected to grow at double-digit growth rate during 2006-2013. Our study provides a detailed analysis on reinsurance market.

 

Our study shows that the foreign insurers have been playing an increasingly important role in the insurance market. However, we find foreign insurers are currently less optimistic than they were in 2008 on expanding their presence in the Chinese market, as the regulatory restrictions and robust expansion of domestic peers may stifle growth. We have thoroughly analyzed the role of foreign insurers, product distribution pattern with an overview of the potential industry players.

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