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China Insurance Market 2007

Published by: China Knowledge Press

Published: Apr. 1, 2007 - 142 Pages


Table of Contents


Executfive Summary

Contents

Tables and Figures in this Report

Chapter 1: Macroeconomic Indicators

1.1 China’s economy

1.2 Savings rate

1.3 Con.dence in insurance companies

1.4 Population structure

Chapter 2: Historical Dfivelopment of Insurance Industry in China

2.1 The evolution of China’s insurance industry

2.2 The path of going public

2.3 Dfivelopments on the usage of insurance funds

2.4 The historical dfivelopment of premiums

2.5 The historical dfivelopment of total assets

Chapter 3: China’s Insurance Market

3.1 fiverview

3.2 Life insurance market

3.3 Property and casualty insurance market

3.4 Reinsurance market

3.5 Insurance intermediary market and distribution channels

3.6 Social security

Chapter 4: Regulators and Legal Framework

4.1 Insurance regulators and related organizations

4.2 Legal framework

Chapter 5: Major Domestic Market Players

5.1 Brief review

5.2 Major domestic insurance players

Chapter 6: The Dfivelopment of Foreign Insurance Companies in China

6.1 fiverview

6.2 Number of players in China’s insurance market

6.4 Sources of the premiums of foreign life insurers

6.5 Financial performance of foreign insurance companies

6.6 List of foreign insurance companies

Chapter 7: Future Outlook

7.1 Estimation of insurance premiums

7.2 Estimated total assets of insurance industry

7.3 Estimation of insurance depth and density

7.4 Forecasted changes in regulation

7.5 Increase in embedded value

Appendix

Directory

Tables

Chapter one

Table 1: China’s GDP (RMB trillion), 1986 - 2006

Table 2: Annual savings deposits in urban and rural areas (RMB billion)

Table 3: The changes in China’s population structure

Chapter two

Table 4: Changes in insurance ifivestment (RMB billion)

Table 5: Changes in total premiums 1990 - 2006 (RMB billion)

Table 6: The dfivelopment of insurance companies’ total assets 1999 - 2006 (RMB billion)

Chapter three

Table 7: China’s insurance industry performance (1990 - 2006)

Table 8: Revised summary of China’s insurance industry (2005 - 2006)

Table 9: Aggregate claims and compensations 1999 - 2006 (RMB billion)

Table 10: Changes in life written premiums 1994 - 2006 (RMB billion)

Table 11: Aggregate claims on life insurance policies 1999 - 2006 (RMB billion)

Table 12: Pure life insurance premiums excluding accident and health insurance premiums 1999 - 2006 (RMB billion)

Table 13: Claims on pure life insurance policies 1999 - 2006 (RMB billion)

Table 14: Changes in accident insurance premiums 1999 - 2006 (RMB billion)

Table 15: Claims on accident insurance policies 1999 - 2006 (RMB billion)

Table 16: Changes in health insurance premiums 1999 - 2006 (RMB billion)

Table 17: Claims on health insurance 1999 - 2006 (RMB billion)

Table 18: Changes in non-life written premiums 1999 - 2006 (RMB billion)

Table 19: Claims on property and casualty insurance policies 1999 - 2006 (RMB billion)

Table 20: Gross property insurance premiums 1999 - 2006 (RMB billion)

Table 21: Number of automobiles in China (millions)

Table 22: Gross automobile insurance premiums 1999 - 2006 (RMB billion)

Table 23: Gross cargo transportation insurance premiums 1999 - 2006 (RMB billion)

Table 24: Gross liability insurance premiums 1999 - 2006 (RMB billion)

Table 25: Changes in rate of compulsory reinsurance under WTO commitment (2001 - 2005)

Table 26: Number of professional insurance intermediary institutions as at 31 December 2006

Table 27: Allocation of professional insurance intermediary institutions by territories

Table 28: Financial situation of insurance intermediaries as of June 2006

Table 29: Top ten insurance agent companies by commission as of June 2006

Table 30: Top ten insurance broker companies by commission as of June 2006

Table 31: Structure of premiums collected by the insurance companies through insurance intermediary market as of June 2006

Chapter four

Chapter five

Table 32: Market share of the four major insurance companies in China as of December 2006

Table 33: Comparison of market share of life insurance companies

Table 34: Comparison of market share of non-life insurance companies

Table 35: Market share of life insurance companies in China as of December 2006

Table 36: Premiums segmentation of China Life under PRC GAAP (RMB billion)

Table 37: Shareholders structure of Ping An as at 30 June 2006.

Table 38: The structure Ping An’s gross written premiums and policy fees 2003 - June 2006 (RMB billion)

Table 39: Sources of Ping An’s life insurance gross written premiums and policy fees (RMB billion)

Table 40: Sources of Ping An’s property and casualty insurance gross written premiums and policy fees 2003 - June 2006 (RMB billion)

Table 41: The holdings by foreign strategic ifivestors as of June 2006

Table 42: fiverview of PICC’s gross turnfiver as of June 2006 (RMB billion)

Table 43: The structure of PICC’s gross turnfiver (RMB billion)

Table 44: fiverview of PICC’s net ifivestment income as of June 2006 (RMB billion)

Table 45: Structure of PICC’s net ifivestment income (RMB billion)

Chapter six

Table 46: Market share of foreign insurance companies as of 2006

Table 47: Sources of premiums of foreign life insurance companies in 2005 (RMB billion)

Table 48: Financial performance of all foreign life insurers as of 2005 (RMB million)

Table 49: Financial performance of all foreign non-life insurers as of 2005 (RMB million)

Table 50: List of foreign non-life insurance institutions in China

Table 51: List of foreign life insurance institutions in China

Chapter seven

Table 52: Estimation of the total insurance premiums in China’s market for the next five years (RMB billion)

Table 53: Estimation of the life insurance premiums in China’s market for the next five years (RMB billion)

Table 54: Estimation of the non-life insurance premiums in China’s market for the next five years (RMB billion)

Table 55: Estimation of insurance companies’ total assets for the next five years (RMB billion)

Table 56: Estimation of China’s insurance depth and density for the next five years

Abstract

China’s insurance industry is one of the fastest growing in the world. From 2001, when China joined the WTO, to the end of 2006, the compounded growth rate of insurance premium income exceeded 25% annually and hit RMB 564.14 billion at the end of 2006, compared to RMB 143.03 billion at the beginning of 2001. The total assets of the insurance companies increased almost 6 times to RMB 1.97 trillion in 2006 from RMB 317.41 billion in 2000, a compounded annual growth rate of about 35.6%.

However, China’s insurance market is still relatively immature despite its rapid growth in recent years. Historically, the role of the State and the issue of affordability were key constraints on demand for insurance. The country’s high savings rate, weak social security system, increasingly ageing population and lack of alternative saving vehicles are fuelling demand for savings and protection-type products. Social and economic reforms are likely to encourage demand for life and property insurance. Liability, credit, property, pensions, and health insurance should also flourish.

In the light of China’s vast market potential which has been compared to a gold mine, the above facts make its insurance market, in particular, one of the biggest gold mines.

This report therefore serves to provide foreign investors with an in-depth understanding of China’s insurance market. It is divided into nine chapters and an appendix, as well as a directory.

Chapter One addresses several factors which could affect the demand for insurance products Chapter Two illustrates the historical development of China’s insurance market. Chapter Three offers a detailed analysis of the different insurance market segmentations. Chapter Four details the framework of laws and regulations pertaining to the industry as well as information on relevant organizations. Chapter Five takes a look at the situation of major domestic market players. Chapter Six focuses on the development of foreign insurance companies in China’s insurance market.

The future outlook for the industry is provided in Chapter Seven.

Finally, a complete list and detailed information of insurance companies can be found in the Directory.

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