Market Snapshot

CAGR

Study Period: 2016 – 2026
Base Year: 2021
Fastest Growing Market:
Largest Market:
CAGR:
China Motor Insurance Market | 2022 - 27 | Industry Share, Size, Growth - Mordor Intelligence

China Motor Insurance Market | 2022 - 27 | Industry Share, Size, Growth - Mordor Intelligence

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Market Overview

China ’ mho indemnity industry has seen a robust tempo of growth for a decade. total bounty income rose 27.5 % in 2016 to reach RMB 3.1 trillion ( USD 490 billion ), the strongest increase the industry has enjoyed since 2008. total indemnity industry assets, as of the conclusion of 2018, stood at RMB 18.33 trillion ( USD 2.71 trillion ), a 9.45 % increase from the beginning of the year. sum Non-life net premiums accounted for USD 223.88 billion at the end of 2017. Statistics for 2018 shows that overall indemnity premium income rose 3.92 % from a year earlier to RMB 3.8 trillion ( USD 562.52 billion ). As the industry adjusts, premium income increase will probably accelerate in the coming years .
In 2019, the share of the car indemnity business in China has slipped to 57.68 % in the first quarter, according to data from the CBIRC. This contrasts with a few years ago when drive dominated non-life business with a grocery store plowshare of over 70 % .
China ’ randomness policy industry is still growing and has a potential room to grow. Foreign insurers ’ market share is presently minor. however, newly introduced regulations, along with economic and social increase drivers that are conducive to their expansion .

Scope of the Report

The China Motor Insurance is segmented by the Type of Motor Insurance like Third-party Liability and Commercial License. furthermore, it is segmented into by the groove of distributions like Point of sale agents, Bank Accounts, Brokers and digital channels.

BY TYPE OF MOTOR INSURANCE
Third Party Liability
Commercial Insurance
BY CHANNEL OF DISTRIBUTION
Point of Sale Agents
Brokers
Banks Accounts
Digital Channels

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Key Market Trends

Non-Life Insurance Market Scenario In The Country

The taiwanese Insurance industry ’ sulfur strong growth has been supported by the opening of the taiwanese market to international insurers after the nation ’ s accession to the World Trade Organization in 2001, and besides by supportive government policy. According to Industry experts, China became the world ’ s moment largest non-life insurance market in 2017, with a agio income of more than USD 200 billion. For a decade the chinese non-life policy market is one of the outstanding markets globally. It offers huge opportunities and growth electric potential to policy companies across the earth .
liberalization of motor policy pricing to undermine the insurers ‘ ability to boost their cover margins. however, the expansion in non-motor policies is probably to offset the slower increase from motive indemnity. firm economic expansion and regulative initiatives will boost requirement for non-motor insurance such as accident and health policies. Motor bounty growth is likely to slow as insurers cut their rates after the politics ‘s far liberalization of commercial drive policy in June 2017 to increase contest. Motor indemnity volumes could be further affected if the withdrawal of tax benefits for the leverage of small-engine vehicles in 2018 moderates new car sales .

  • Urbanization is potentially another key factor in the demand for non-life insurance. A more urbanized population often leads to higher motor vehicle ownership with a corresponding impact on Motor insurance.
  • The non-life personal business was boosted by a revision of the Insurance Law in 2002 which granted non-life insurers with due certification permission to offer short-term health and accident insurance. Growth has accelerated further since 2016 with the development of online insurance and the introduction of innovative short-term health covers.
  • China’s non-life insurance market is dominated by the three largest players — the PICC Property & Casualty Company, Ping a Property & Casualty Insurance Company of China, and China Pacific Property Insurance. The combined market share of these three companies in the motor insurance sector stood at 66.9 percent as of the end of the first quarter. At the end of 2017, China was home to 50 foreign insurers, 28 life and 22 in non-life business respectively. Foreign companies accounted for just 6% of the life market and 2% of non-life within a short period of time.
  • There are 85 non-life insurers operating in China, but the five largest firms corner the lion’s share of the market, with a combined 70%. These insurers have experienced their combined ratio improved slightly to 97.8% in 2017 from a weighted average of 98.3% in 2016. This means that the current market conditions favor these large insurers.

Top Companies

Impact of Reformed Motor Insurance Regulations on the Industry

In the last 10 years, the drive sector has been the main driver of the impregnable growth in non-life personal insurance. Nevertheless, the sector is still in its infancy and high channel commissions and operate expenses have dented profitableness. In 2014, the erstwhile China Insurance Regulatory Commission ( CIRC ) issued new guidelines on motor tariffs to improve the provision of covers and increase product differentiation among competitors. consecutive drives to liberalize motor tariffs in 2015, 2017 and last in March 2018 have intensified competition in the motor. Small- and medium-sized insurers with high gear combined ratios, in particular, are feeling the heat .
Throughout 2018, the CIRC/CBIRC and other authorities continued to implement the ongoing reforms that they had initiated in 2017. These reforms are intended to address excessive gamble and reorient China ’ mho policy industry towards long-run sustainable growth. The liberalization of commercial motor policy premium rates will limit insurers ‘ ability to improve their margins, leading to slower excess growth .
The sector reported a single-digit growth of 9 percentage in the first nine months of 2016, compared with 11.4 percentage during the like period a year earlier. Motor insurance, the major business class in non-life policy, saw direct written premiums rise by 9.28 percentage year-on-year in the third quarter of 2016, down from 12 percentage growth in 2015. The slowdown was partially because the first trial deregulation of commercial motor indemnity price was rolled out by the China Insurance Regulatory Commission ( CIRC ), initially in six taiwanese regions starting in June 2015, then in 12 more provinces and cities from January 2016. deregulation has the effect of producing higher acquisition costs as market competition increases. This, coupled with an inflow of fresh players, could far constrain major insurers ’ capability to improve their margin .
Car Sales China

Table of Contents

  1. 1. introduction
    1. 1.1 oscilloscope of the marketplace
    2. 1.2 Market Definition
    3. 1.3 Executive Summary
  2. 2. RESEARCH METHODOLOGY
    1. 2.1 Study Deliverables
    2. 2.2 Study Assumptions
    3. 2.3 Analysis Methodology
    4. 2.4 Research Phases
  3. 3. market INSIGHTS
    1. 3.1 China Current Economic and Insurance Industry Scenario
    2. 3.2 Impact of Government Regulations and Initiatives on the indemnity industry
    3. 3.3 affect of Global Insurance Market on China Industry
    4. 3.4 Key Trends in China Insurance Industry and InsurTech Market
    5. 3.5 Review and Commentary on Chaina ‘s Non-Life and Motor Insurance
    6. 3.6 Impact of China ‘s Deregulation Policies on the Motor Insurance
    7. 3.7 Impact of Foreign/International Players on the China ‘s indemnity marketplace
  4. 4. market DYNAMICS
    1. 4.1 Drivers
    2. 4.2 Restraints
    3. 4.3 Opportunities
    4. 4.4 Porter ‘s five Forces analysis
    5. 4.5 industry structure analysis
  5. 5. marketplace division
    1. 5.1 BY TYPE OF MOTOR INSURANCE
      1. 5.1.1 Third Party Liability
      2. 5.1.2 commercial indemnity
    2. 5.2 BY CHANNEL OF DISTRIBUTION
      1. 5.2.1 point of sale Agents
      2. 5.2.2 Brokers
      3. 5.2.3 Banks Accounts
      4. 5.2.4 Digital Channels
  6. 6. COMPETITIVE LANDSCAPE
    1. 6.1 Market Concentration Overview
    2. 6.2 Strategies Adopted by major Players
  7. 7. company PROFILES
    1. 7.1 China Life Property & Casualty Insurance Co. Ltd .
    2. 7.2 Sunshine Property and Casualty Insurance Co. Ltd .
    3. 7.3 Yingda Taihe Property Insurance Co. Ltd .
    4. 7.4 Sinosafe General Insurance Co. Ltd .
    5. 7.5 AXA Tianping Property & Casualty Insurance Co. Ltd .
    6. 7.6 Groupma AVIC Property Insurance
    7. 7.7 Allianz China General Insurance
    8. 7.8 Zurich General Insurance ( Chine
    9. 7.9 PICC Property and Casualty
    10. 7.10 Ping An property and Casualty Insurance Co. of China*
  8. 8. investment psychoanalysis
  9. 9. major MERGERS AND ACQUISITIONS IN THE CHINA INSURANCE INDUSTRY
  10. 10. FUTURE OF GENERAL AND MOTOR INSURANCE MARKET IN CHINA
  11. 11. APPENDIX
    1. 11.1 China General Insurance Key Statistics
    2. 11.2 Number of Active Motor Insurance Policies 2015-2018
    3. 11.3 Gross & Net Motor Insurance Written Premiums 2015-2018
    4. 11.4 Gross Motor Insurance Claims Incurred during 2015-2018
  12. 12. disavowal

**Subject to Availability

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Frequently Asked Questions

What is the study period of this market?

The China Motor Insurance Market market is studied from 2016 – 2026 .

What is China Motor Insurance Market size in 2016?

The China Motor Insurance Market is valued at 4.5 % in 2016 .

Who are the key players in China Motor Insurance Market?

China Life Property & Casualty Insurance Co. Ltd., Sunshine Property and Casualty Insurance Co. Ltd., Yingda Taihe Property Insurance Co. Ltd., AXA Tianping Property & Casualty Insurance Co. Ltd., Zurich General Insurance ( Chine are the major companies operating in China Motor Insurance Market.

China Motor Insurance Market | 2022 - 27 | Industry Share, Size, Growth - Mordor Intelligence

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