China Car Insurance Industry Indepth Research and Investment Strategic Planning Report, 2013-2017
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As in many Asian countries, car insurance is a major component in China non-life insurance market, accounting for about 70%. The strong growth in car sales is a driving force-continuing growth in resident income and household wealth rising make a contribution to the rising number of car owners, and they are mainly in metropolis. Although the car numbers on the road grow rapidly over the past few years, the proportion of overall car ownership is in a low level. Thus, before the market getting saturated, China car market has big enough growth space, which brings a huge opportunity for China car insurance industry. At present, car insurance business has been a important benchmark to judge whether a property company earns or losses. Therefore, each insurance company focuses on compete car insurance market.
China car industry develops very rapidly since the 21st century. As of the end of 2010, the vehicle volume in China has reached 207 million, among which the car inventory has reached over 90 million. And every year, there are more than 20 million newly increased vehicles in China. Due to the soaring growth of car volume, it greatly affects the car insurance market, which shows a benign development trend. In 2001, China car insurance premium was 42.17 billion Yuan, while in 2010, it’s the 7 times of 2001; from 2001 to 2010, the car insurance premium annually grow by 22.78%; in 2001, the car insurance amount was 175, 000, while the number increase to 140 million in 2010, which was around 8 times of 2001; the car insurance depth was 23.66% in 2001, while it increased to 68.9% in 2010, with a growth of 45%.
With a growing quantity of car sales and register, China car insurance rate is still in the world’s low level, which shows that there is huge potential in China car sales market and car insurance market. Along with the increase and accumulation of resident income and wealth, private car market has a good development trend. According to statistics provided by Ministry of Construction, China’s private car market grows by around 20% annually, which is far more rapidly than economy growth. It means even if China car insurance coverage maintains at the current pace, the demand for car insurance will keep growing at the same pace as the car number of ownership. From 2006 to 2010, the annual compound growth of China vehicle inventory quantity was about 10%, among which car inventory quantity increased by 14.01%. According to the growth, China’s inventory of vehicle output quantity will exceed 300 million, among which there are 200 million inventory of car output quantity. And the size of car insurance premium will achieve 800 billion Yuan, with an annual market growth of 100 billion Yuan.
With the rapid development of the industry, there is fiercer and fiercer competition in car insurance industry, The excellent car insurance enterprises pay more attention to the industry market research, especially the indepth researches on the industry development environment and product buyers. With Forward's long-term tracking and collecting market data of car insurance industry, we roundly and accurately analyze the industry structure system for you from the view of mastering the whole industry. This report mainly focuses on analyzing the development situation of car insurance industry; the overall development situation of car insurance industry; the competitive situation of car insurance industry; the marketization progress and pricing mechanism of car insurance industry; the situation of market segmentation of car insurance industry; the marketing mode of car insurance industry; the car insurance market situation in key provinces and cities; the leading corporations’ operational condition in car insurance industry; as well as the development trend and prospect of car insurance industry. Meanwhile, with comprehensive and specific first-hand market data, Forward helps you to grasp the market and development trends of car insurance industry, so as to win advantages from competition!
The most distinctive characteristics of this report is forward-looking and timeliness. Through analyzing forward-looking characteristic of abundant first-hand market data, we deeply and objectively dissect China car insurance industry’s market capacity, competitive situation and market segmentation. This report helps car insurance enterprises, car insurance intermediary institutions, and investment enterprises to precisely grasp current latest developments of the industry. Afterwards, they can make wise operating decisions and define enterprise’ development directions.
Here, we would like to express our sincere gratitude to State Information Center, Bureau of Statistics of China, International Information Research Institute, Chinese Academy of International Trade and Economic Cooperation, Tsinghua University Library, Development Research Center of the State Council and Beijing Essence Forward Research Center, for their great support when we conduct this report!
Notice: All the market data, especially corporations' ranking data in the report, only for business reference. Please do not 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 Car Insurance Industry
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