Life Insurance in China Key Trends and Opportunities to 2019

Published: Aug, 2016 | Pages: 184 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Life Insurance in China Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends drivers and challenges in the Chinese life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment gives a comprehensive overview of the Chinese economy and demographics and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research modeling and analysis expertise giving insurers access to information on segment dynamics and competitive advantages and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Summary

Timetric's 'Life Insurance in China Key Trends and Opportunities to 2019' report provides in-depth market analysis information and insights into the Chinese life insurance segment including:

• The Chinese life insurance segment's growth prospects by life insurance category

• Key trends drivers and challenges for the life insurance segment

• A comprehensive overview of the Chinese economy and demographics

• The various distribution channels in the Chinese life insurance segment

• Details of the competitive landscape in the life insurance segment in China

• Details of regulatory policy applicable to the Chinese insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in China:

• It provides historical values for the Chinese life insurance segment for the report's 2010-2014 review period and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key categories in the Chinese life insurance segment and market forecasts to 2019.

• It analyzes the various distribution channels for life insurance products in China.

• It profiles the top life insurance companies in China and outlines the key regulations affecting them.
Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Chinese life insurance segment and each category within it.

• Understand the demand-side dynamics key market trends and growth opportunities in the Chinese life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Chinese insurance industry and their impact on companies and the industry's future.
Key Highlights

• Agencies have traditionally been the dominant distribution channel for life insurers primarily due to their large client base strong brand reputation and low-cost sales force.

• At the end of 2014 China's life insurance penetration measured 1.8%.

• In 2014 73 life insurers had developed online distribution channels.

• At the end of 2014 domestic insurers accounted for 93% of the new business written premium.

• Chinese people tend to save for their futures and only purchase insurance products for that purpose; they tend not to see it as a risk-mitigation tool.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Individual general annuity insurance
4.5.2 Other individual life insurance
4.6 Group Life Insurance
4.6.1 Group whole life insurance
4.7 Life Insurance Growth Prospects by Product Type
4.7.1 Total linked insurance business
4.7.2 Total non-linked insurance business
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the segment
6.2.1 China Life Insurance Co., Ltd - company overview
6.2.2 China Ping An Life Insurance Co., Ltd - company overview
6.2.3 New China Life Insurance Co., Ltd�- company overview
6.2.4 China Pacific Life Insurance Co., Ltd - company overview
6.2.5 PICC Life Insurance Co., Ltd - company overview
6.2.6 Taikang Life Insurance Co., Ltd - company overview
6.2.7 Taiping Life Insurance Co., Ltd - company overview
6.2.8 Anbang Life Insurance Co., Ltd - company overview (Ampang Life)
6.2.9 Sino Life Insurance Co., Ltd - company overview (Fuld Life)
6.2.10 China Post Life Insurance Co., Ltd - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Environmental liability insurance
7.4.3 Social security system
7.4.4 Aviation liability insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 China Insurance Regulatory Commission
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Chinese Life Insurance - Key Facts, 2014
Table 2: Chinese Non-Life Insurance - Segment Shares (%) of the Top Insurers, 2014
Table 3: Chinese Government Credit Ratings
Table 4: Chinese Life Insurance - Gross Written Premium by Category (CNY Billion), 2010-2014
Table 5: Chinese Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 6: Chinese Life Insurance - Gross Written Premium by Category (CNY Billion), 2014-2019
Table 7: Chinese Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 8: Chinese Life Insurance - New Business Direct Written Premium (CNY Billion), 2010-2014
Table 9: Chinese Life Insurance - New Business Direct Written Premium (CNY Billion), 2014-2019
Table 10: Chinese Life Insurance - Net Earned Premium (CNY Billion), 2010-2014
Table 11: Chinese Life Insurance - Net Earned Premium (CNY Billion), 2014-2019
Table 12: Chinese Life Insurance - Paid Claims (CNY Billion), 2010-2014
Table 13: Chinese Life Insurance - Paid Claims (CNY Billion), 2014-2019
Table 14: Chinese Life Insurance - Incurred Loss (CNY Billion), 2010-2014
Table 15: Chinese Life Insurance - Incurred Loss (CNY Billion), 2014-2019
Table 16: Chinese Life Insurance - Commissions and Expenses (CNY Billion), 2010-2014
Table 17: Chinese Life Insurance - Commissions and Expenses (CNY Billion), 2014-2019
Table 18: Chinese Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014
Table 19: Chinese Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Table 20: Chinese Life Insurance - Renewal Business Direct Written Premium (CNY Billion), 2010-2014
Table 21: Chinese Life Insurance - Renewal Business Direct Written Premium (CNY Billion), 2014-2019
Table 22: Chinese Life Insurance - Total Assets (CNY Trillion), 2010-2014
Table 23: Chinese Life Insurance - Total Assets (CNY Trillion), 2014-2019
Table 24: Chinese Life Insurance - Total Investment Income (CNY Billion), 2010-2014
Table 25: Chinese Life Insurance - Total Investment Income (CNY Billion), 2014-2019
Table 26: Chinese Life Insurance - Net Written Premium (CNY Billion), 2010-2014
Table 27: Chinese Life Insurance - Net Written Premium (CNY Billion), 2014-2019
Table 28: Chinese Individual Life Insurance - Gross Written Premium by Category (CNY Billion), 2010-2014
Table 29: Chinese Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 30: Chinese Individual Life Insurance - Gross Written Premium by Category (CNY Billion), 2014-2019
Table 31: Chinese Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 32: Chinese Individual Life Insurance - Direct Written Premium by Category (CNY Billion), 2010-2014
Table 33: Chinese Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 34: Chinese Individual Life Insurance - Direct Written Premium by Category (CNY Billion), 2014-2019
Table 35: Chinese Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 36: Chinese Individual whole life Insurance - Direct Written Premium (CNY Billion), 2010-2014
Table 37: Chinese Individual whole life Insurance - Direct Written Premium (CNY Trillion), 2014-2019
Table 38: Chinese Individual General annuity Insurance - Direct Written Premium (CNY Billion), 2010-2014
Table 39: Chinese Individual General annuity Insurance - Direct Written Premium (CNY Billion), 2014-2019
Table 40: Chinese Other Individual Life Insurance - Direct Written Premium (CNY Million), 2010-2014
Table 41: Chinese Other Individual Life Insurance - Direct Written Premium (CNY Million), 2014-2019
Table 42: Chinese Group Life Insurance - Gross Written Premium by Category (CNY Billion), 2010-2014
Table 43: Chinese Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 44: Chinese Group Life Insurance - Gross Written Premium by Category (CNY Billion), 2014-2019
Table 45: Chinese Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 46: Chinese Group Life Insurance - Direct Written Premium by Category (CNY Billion), 2010-2014
Table 47: Chinese Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 48: Chinese Group Life Insurance - Direct Written Premium by Category (CNY Billion), 2014-2019
Table 49: Chinese Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 50: Chinese Group whole life Insurance - Direct Written Premium (CNY Billion), 2010-2014
Table 51: Chinese Group whole life Insurance - Direct Written Premium (CNY Billion), 2014-2019
Table 52: Chinese Linked Insurance Business - Direct Written Premium (CNY Million), 2010-2014
Table 53: Chinese Linked Insurance Business - Direct Written Premium (CNY Million), 2014-2019
Table 54: Chinese Non-Linked Insurance Business - Direct Written Premium (CNY Billion), 2010-2014
Table 55: Chinese Non-Linked Insurance Business - Direct Written Premium  (CNY Trillion), 2014-2019
Table 56: Chinese Life Insurance - Direct Marketing Value of Commissions (CNY Billion), 2010-2014
Table 57: Chinese Life Insurance - Direct Marketing Value of Commissions (CNY Billion), 2014-2019
Table 58: Chinese Life Insurance - Direct Marketing New Business Direct Written Premium (CNY Billion), 2010-2014
Table 59: Chinese Life Insurance - Direct Marketing New Business Direct Written Premium (CNY Billion), 2014-2019
Table 60: Chinese Life Insurance - Bancassurance Value of Commissions (CNY Billion), 2010-2014
Table 61: Chinese Life Insurance - Bancassurance Value of Commissions (CNY Billion), 2014-2019
Table 62: Chinese Life Insurance - Bancassurance New Business Direct Written Premium (CNY Billion), 2010-2014
Table 63: Chinese Life Insurance - Bancassurance New Business Direct Written Premium (CNY Billion), 2014-2019
Table 64: Chinese Life Insurance - Agencies' Value of Commissions (CNY Billion), 2010-2014
Table 65: Chinese Life Insurance - Agencies' Value of Commissions (CNY Billion), 2014-2019
Table 66: Chinese Life Insurance - Agencies' New Business Direct Written Premium (CNY Billion), 2010-2014
Table 67: Chinese Life Insurance - Agencies' New Business Direct Written Premium (CNY Billion), 2014-2019
Table 68: Chinese Life Insurance - E-Commerce Value of Commissions (CNY Million), 2010-2014
Table 69: Chinese Life Insurance - E-Commerce Value of Commissions (CNY Billion), 2014-2019
Table 70: Chinese Life Insurance - E-Commerce New Business Direct Written Premium (CNY Billion), 2010-2014
Table 71: Chinese Life Insurance - E-Commerce New Business Direct Written Premium (CNY Billion), 2014-2019
Table 72: Chinese Life Insurance - Brokers' Value of Commissions (CNY Million), 2010-2014
Table 73: Chinese Life Insurance - Brokers' Value of Commissions (CNY Million), 2014-2019
Table 74: Chinese Life Insurance - Brokers' New Business Direct Written Premium (CNY Billion), 2010-2014
Table 75: Chinese Life Insurance - Brokers' New Business Direct Written Premium (CNY Billion), 2014-2019
Table 76: Chinese Life Insurance - Other Channels' Value of Commissions (CNY Million), 2010-2014
Table 77: Chinese Life Insurance - Other Channels' Value of Commissions (CNY Billion), 2014-2019
Table 78: Chinese Life Insurance - Other Channels' New Business Direct Written Premium (CNY Billion), 2010-2014
Table 79: Chinese Life Insurance - Other Channels' New Business Direct Written Premium (CNY Billion), 2014-2019
Table 80: Chinese Life Insurance - Segment Shares (%), 2014
Table 81: China Life Insurance Co., Ltd - Key Facts
Table 82: China Life Insurance Co., Ltd - Key Financials (CNY Billion), 2010-2014
Table 83: China Ping An Life Insurance Co., Ltd - Key Facts
Table 84: China Ping An Life Insurance Co., Ltd - Key Financials (CNY Billion), 2010-2014
Table 85: New China Life Insurance Co., Ltd�- Key Facts
Table 86: New China Life Insurance Co., Ltd - Key Financials (CNY Billion), 2010-2014
Table 87: China Pacific Life Insurance Co., Ltd - Key Facts
Table 88: China Pacific Life Insurance Co., Ltd - Key Financials (CNY Billion), 2010-2014
Table 89: PICC Life Insurance Co., Ltd - Key Facts
Table 90: PICC Life Insurance Co., Ltd - Key Financials (CNY Billion), 2011-2014
Table 91: Taikang Life Insurance Co., Ltd - Key Facts
Table 92: Taikang Life Insurance Co., Ltd - Key Financials (CNY Billion), 2010-2014
Table 93: Taiping Life Insurance Co., Ltd - Key Facts
Table 94: Taiping Life Insurance Co., Ltd - Key Financials (CNY Billion), 2010-2014
Table 95: Anbang Life Insurance Co, Ltd - Key Facts
Table 96: Anbang Life Insurance Co, Ltd - Key Financials (CNY Million), 2010-2014
Table 97: Sino Life Insurance Co., Ltd - Key Facts
Table 98: Sino Life Insurance Co., Ltd - Key Financials (CNY Billion), 2013-2014
Table 99: China Post Life Insurance Company Ltd - Key Facts
Table 100: China Post Life Insurance Co., Ltd - Key Financials (CNY Million), 2010-2014
Table 101: China - Insurance Regulatory Framework Key Features
Table 102: China - Life Insurance Regulatory Framework
Table 103: China - Property Insurance Regulatory Framework
Table 104: China - Motor Insurance Regulatory Framework
Table 105: China - The Evolution of Statutory Automobile Liability Insurance in China:
Table 106: China - Liability Insurance Regulatory Framework
Table 107: China - Corporate Tax Rates in China for the Financial Year 2016
Table 108: Insurance Industry Definitions