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Low Car Ownership Spurring China’s Property Insurance Market
Jan 30, 2009
As per our new report, “Booming China Insurance Sector” we believe that on the back of growing demand for motor insurance and strong demand for credit insurance, the property insurance premium income in China is projected to grow at a CAGR of about 21% during 2008-2012.
As per the report, China’s property insurance will largely be driven by motor insurance. China’s motor insurance sector is expected to earn a premium income of RMB 300 Billion in 2012, up from RMB 140 Billion at the end of 2007. This is due to increasing car ownership as with only 35 Million (estimated figure) cars for a population of 1.3 Billion (estimated figure), China has currently very low car ownership ratio. This represents significant growth potential for the car market, and in turn, the motor insurance market.
Additionally, government initiatives like making it mandatory to buy third-party liability insurance with effect of July 1, 2006 have given a big boost to the demand of motor insurance in the country. And this factor will continue to drive in future too as demand for vehicles is fast picking pace in the country.
The report also found that newly granted access to the domestic market for foreign car manufacturers and the availability of car finance will provide added impetus to the Car sales in China, thus fuelling the demand of motor insurance.
“Booming China Insurance Sector” provides a comprehensive research and prudent analysis on the Chinese insurance market. This extensive research will help the clients to identify the market trends and evaluate the leading-edge opportunities critical to the success of the insurance market in the country. It gives an overview on the various factors driving the insurance industry, together with the forces that are blocking its growth.
This research supplements the past and current information on the China’s insurance market with forecast on various important industry aspects, including disposable income, Internet users, health spending, life expectancy, personal insurance, health insurance, property insurance with sub-categories, and reinsurance market.
For more information visit: http://www.rncos.com/Report/IM165.htm
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