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Motor Insurance Premium on a New High in the Dragon Land
Oct 11, 2006
China’s highest insurance regulatory body, have introduced a new policy that mandates all motor vehicle owners in China to necessarily purchase motor insurance. The legislation that has been put into force with effect from this July 1 2006, will impact more than 130 million vehicle owners including motorcycles, tractors and cars.
This compulsory traffic insurance employs the liability limits, premium standards and classes under national unified policy framework. In the recent forum for promoting the development of China's motor insurance industry, experts held that the policy would have significant impact on the manufacturing cost of automobiles. The automotive industry accounts for 20 % of the total industrial sector.
Motor insurance sector is likely to contribute significantly to China’s non-life insurance industry over the long haul. In fact, experts opine that this sector can evolve into a complete industry by developing active chains between all parties. Consequently, links need be formed between -auto manufacturers, agencies, dealers, intermediaries, insurance surveyors, law firms and loss adjusters.
RNCOS’ recent Market Research Report, “China Insurance Sector Analysis (2006)”, ranks China as the third-largest non-life insurance market in Asia, after Japan and South Korea. Car insurance accounts for a whopping 60% share of the non-life insurance market in China followed by commercial property at 17%.
The research report also addresses the key issues and facts, critical to business success:
- The Key Strategies for Market Players in China Insurance Sector.
- The growth in Health and Group insurance driving China Insurance Sector.
- The demographic factors, like death rate and birthrates affect China insurance sector.
- The emerging Opportunities and Challenges for the industry players.
- The factors will lead to the growth of Life and Non Life China Insurance Sector.
RNCOS’, "China Insurance Sector Analysis (2006)", Market Research Report provides extensive research and objective analysis of the Insurance sector in China. This report will prove worthwhile for analyzing the opportunities critical to the growth of the insurance market China.
To purchase your copy :http://www.rncos.com/Report/IM069.htm
To purchase your copy :http://www.rncos.com/Report/IM069.htm
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Media Citation
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