China Property Insurance Industry Indepth Research and Investment Strategy Report, 2013-2017
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Table of Content
Since the recovery of China insurance business in 1980, the property insurance industry develops rapidly due to using development experience of foreign property insurance industry as a reference, continuous growth of property insurance market providers and the initial shaped orderly competitive insurance system. Premium income of China property insurance industry in 1980 is only 0.46 billion Yuan while it is 287.583 billion Yuan in 2009. Its compound growth rate is about 22.5% (despite the price factor) which is much larger than that of GDP. China insurance industry steps into a fast development period since then. And its scale continues to enlarge in 2010 which year-round premium income reaches 389.56 billion Yuan with a year-on-year growth rate of 35% and creates a historic record; the profitability is generally increased which underwriting profit is 8.04 billion Yuan with a rate of 2.56%. In 2011 China property insurance industry keeps on a stable and fast development. The gross industry premium income reaches 477.9 billion Yuan which a year-on-year growth rate of 18.68%. Even though the growth rate decreases comparing with that of 2010, it still reflects the improvement of industry self-development capability and intrinsic value of industry development under the major macro-economic background. What’s more, the core index of industry management continues the improvement trend. Especially for the underwriting business its future is brighter. Basing on the 8.359 billion Yuan in 2010, the underwriting profit further increases in 2011.
China property insurance market starts fairly late and still in the initial stage, but the competition is gradually fierce. There is an increasing trend for number of China property insurance corporations--it is only 26 in 2004 and grows to 59 in 2001. Nowadays, China property insurance market still under the control of three giants--PICC, Ping An Insurance and Pacific Property Insurance. However, the control strength is relatively weakened—the market share decreases from 79.87% in 2004 to 66.60% in 2011. Among which the market share of PICC, the property insurance industry leader, declines annually that it is 36.28% in 2011 and with a decrease of 21.81% comparing to that in 2004. For the small and medium size property insurance corporations, their market shares yet is tiny.
Despite the fast growth of current property insurance income, there are still several problems for the property insurance corporations in the aspects of underwriting structure, that is simple insurance kinds, imbalance structure and continuous increasing proportion of auto insurance to non-life underwriting income—proportion of auto insurance underwriting income to property insurance is nearly 70% which almost control the trend of property insurance business. In other words, auto insurance gains and losses largely determine the status of the current insurance market. View from the overall condition of auto insurance in 2011 we can see two polarized trends: the first one is operation condition of commercial auto insurance and traffic compulsory insurance while the second is consumption status between first-tier cities and second and third tier cities. With the enlarging auto insurance, the enterprise property insurance accordingly drops. From 1999 to 2009 the compound growth rate of corporation property insurance is 7% while that of auto insurance is 22%. Other types of insurance are relatively stable. In 2012 the non-auto-insurance will continue its development and become the major driving force. What’s more, the agricultural insurance, liability insurance and credit insurance will become the important development domains.
Along with the opening trend of China financial market, the property insurance market, which is one of the modern social service industries will further develops. Either the environmental change of risk level or macro-economic and industry system provides ample space for the long-term development of property insurance and higher requirements for every aspect of property insurance business operation. For a long period of time, there are three characteristics for China property insurance market which are product homogeneity, monopoly of auto insurance and weak underwriting profit. Therefore, it will be a long-term, arduous task to enhance the competitiveness of property insurance corporations.
This report mainly analyzes the following aspects: market development environment of China property insurance industry; market scale and operation effectiveness of property insurance industry; competitive landscape of property insurance industry; marketing channels of property insurance industry; major market segmentation development status of property insurance industry; competitive landscape of property insurance market in major regions; operation status of property insurance industry leading corporations; development trend and prospect forecast of property insurance industry. Meanwhile, together with the comprehensive and detailed market data which is accumulated for years, Forward helps you to grasp the market and development trends of property insurance industry, so as to win advantages from competition!
Major characteristics of this report are forward-looking and timeliness. Base on the forward-looking analysis of massive research data, we further analyze the development scale and competitive landscape of property insurance industry. Along with the industry development route and our practical experience, we analyze and predict the future development prospect of property insurance industry. This report contains a high value for both industry manufacturers and investment corporations to accurately know the latest industry development trend, obtain market opportunities and determine an insightful operation strategy and development direction. In the meantime, it is the first heavy weight report to analyze the up/down-stream industry chain and industry leading corporations of property insurance industry in an overall and systemic way.
Here, we’d like to express our sincere gratitude to CIRC, National Bureau of Statistics of China, International Information Institute, National Institute of the Ministry of Commerce, National Tsing Hua University Library, Institute of Market Economy of the State Council Development Research Center, and Beijing Qinghua Forward Market Research Center, etc. Thank you so much!
Notice: all the market data, especially the corporation list data in this report is only for business reference. Please don’t take the data for enterprise publicity. Thank you! Or Forward shall not take any responsibility for any consequences!
Qianzhan Business Information Co., Ltd. Industry Research Center
Research Team of Property Insurance Industry
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