Property & Casualty Insurance Market in China - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Property and Casualty Insurance Market in China is segmented by line of business (motor, corporate property, liability, home, engineering, marine) and by distribution channels (direct sales, individual agency, cross-border JV and cross-sector). - Growth, Trends, and Forecast (2020-2025)

Market Snapshot

Property & Casualty Insurance Market in China (2020-2025)
Study Period: 2016 - 2026
Base Year: 2021
CAGR: 7.94 %

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Market Overview

In China, Insurance companies are either licensed for life or non-life business but not for both until 2003. Post that, the non-life insurers can write personal insurance and short-term health insurance. Under the non-life insurance business, the ‘basic’ insurance types, as classified by the regulator, include motor, property, engineering, liability, marine insurance are covered under the property and casualty insurance types in the study.

According to China Insurance Regulatory Commission, the original insurance premium income of property insurance business was 1.077 trillion yuan in 2018, an increase of 9.51% year-on-year. For the FY 2019 till May, the biggest line/type of property & casualty insurance in terms of total premiums accumulated in the current year so far is motor (60.2%) followed by liability, enterprise property, engineering and home insurance.

Scope of the report

The Chinese Property & Casualty Insurance Market report covers various types of insurance available in the current Insurance market Scenario, along with the distribution channels used by insurance companies. In addition to a detailed study presenting the impact of political and economic aspects governing the Chinese market, digital innovations re-shaping the insurance sector in the country are presented in the report.

By Line of Business
Motor Insurance
Enterprise Property Insurance
Home Insurance
Liability Insurance
Marine Insurance
Other Non-Life Insurance
By Distribution Channel
Direct Sales
Individual Agency
Cross-Sector ( Internet + Insurance)
Cross-Border Joint Ventures

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Key Market Trends

Insights on Insurtech and Collaborative Measures taken in Chinese Insurance Industry

The uniqueness of China online insurance market is that the large players collaborate with tech giants or tech giants set up new online insurance business of their own unlike the major trends observe in other economies. . In China, small insurtech companies do not come up with completely different offerings to compete with traditional players, instead they offer services that improve the approachability of the traditional player offerings through their services (e.g., WeChat).

The penetration rates of online insurance are on an increasing trend with 5% of the premium revenue in 2018 sourced through digital avenues. In China, motor insurance written through digital means has been 10.34 billion yuan in 2016 and has been on an increasing trend over the past four years.

Collaboration between the tech giants and traditional insurance players lead to more customer reach and innovation in the coming years as they are supported by the deep pockets of large players from two different fields. Zhong An Online Property & Casualty Insurance Co. Ltd. is one such a collaboration that uses latest technologies like AI and blockchain technologies whose capabilities, reach and efficiency have been covered in detail in the report.

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Insights on Regulatory Environment in the China Insurance Industry

China Insurance Regulatory Commission is the supervisory body for insurance market in China. The regulatory has issued new rules in May 2013, as per which insurance business is classified as basic and extended groups. A new domestic non-life insurer was allowed to begin with basic business only and have to abide by minimum capital requirements to increase their business offerings. Also they are allowed to apply for extended business once in every six months and only one at a time.

Coming to a foreign applicant applying for insurance license in the country, in addition to the above stipulations they are required to have more than 30 years of experience in insurance, have total assets of at least USD 5 billion and have a representative office in China for at least two years. There are many other regulations related to currency, investments, mergers & acquisitions, filing and approval authority related regulations which are covered in detail in the report.

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Competitive Landscape

The Chinese Property and Casualty Insurance Market is by far very competitive, yet majority market share is being occupied by four players in the market. China Pacific Insurance company Limited, the third largest player in the industry occupies a market share of 9.98% in terms of original premium incomes written. In the current study, along with conventional and top players, we have also presented a detailed profiling of Zhong An Online Property Insurance Co. Ltd., an online-only P&C player with considerable market share. Given the market presence of large players and changing market landscape presents a significant scope for consolidation in the forecast period.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

  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. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

      1. 4.1.1 Historic Performance of Insurance Companies in China

      2. 4.1.2 Non- Life Insurance Sector Performance in China

      3. 4.1.3 Premiums Written by China Non- Life Insurance Companies

      4. 4.1.4 Benefit Payments over the years by China P&C Insurers

      5. 4.1.5 Investment Pattern and Returns Achieved by China P&C Insurers

    2. 4.2 Insights on Economic Performance of China

    3. 4.3 Regulatory Landscape

      1. 4.3.1 Insights on Regulatory Environment of China Insurance Industry

      2. 4.3.2 Scope for Development in lieu of Evolving Business Landscape

    4. 4.4 Digital Insurance

      1. 4.4.1 Insights on Insurtech Innovations in China Insurance Market

      2. 4.4.2 Online Insurance Penetration in China P&C Insurance Market

      3. 4.4.3 Business Models of Online-only Players in China P&C industry (Eg. Zhong An)

    5. 4.5 Repercussions of Catostrophic Losses on the Insurance Market

    6. 4.6 Market Drivers

    7. 4.7 Market Restraints

    8. 4.8 Porters 5 Force Analysis

      1. 4.8.1 Threat of New Entrants

      2. 4.8.2 Bargaining Power of Buyers/Consumers

      3. 4.8.3 Bargaining Power of Suppliers

      4. 4.8.4 Threat of Substitute Products

      5. 4.8.5 Intensity of Competitive Rivalry

    9. 4.9 PESTLE Analysis

  5. 5. MARKET SEGMENTATION AND ANALYSIS

    1. 5.1 By Line of Business

      1. 5.1.1 Motor Insurance

      2. 5.1.2 Enterprise Property Insurance

      3. 5.1.3 Home Insurance

      4. 5.1.4 Liability Insurance

      5. 5.1.5 Marine Insurance

      6. 5.1.6 Other Non-Life Insurance

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct Sales

      2. 5.2.2 Individual Agency

      3. 5.2.3 Cross-Sector ( Internet + Insurance)

      4. 5.2.4 Cross-Border Joint Ventures

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 PICC Property & Casualty Company Limited

      2. 6.3.2 Ping An Insurance

      3. 6.3.3 China Pacific Insurance Company Limited

      4. 6.3.4 China Life Property & Casualty Insurance Company Limited

      5. 6.3.5 China Continent Property & Casualty Insurance Company Limited

      6. 6.3.6 China United Insurance Service Inc.

      7. 6.3.7 Sunshine Insurance Group

      8. 6.3.8 China Taiping Insurance Group Ltd.

      9. 6.3.9 China Export & Credit Insurance Corporation

      10. 6.3.10 Tian an Property Insurance Company *

      11. 6.3.11 *List not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The China Property & Casualty Insurance Market market is studied from 2016 - 2026.

The China Property & Casualty Insurance Market is growing at a CAGR of 7.94% over the next 5 years.

PICC property and casualty company limited, Ping An Insurance, China Pacific Insurance Company Limited, China Life Property & Casualty Insurance Company Limited , China Continent Property & Casualty Insurance Company Limited , China United Insurance Service Inc. are the major companies operating in China Property & Casualty Insurance Market.

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