An increasing geriatric population, the rapid rise in the number of insurance market operators, and the presence of different insurance plans are driving the demand for life insurance in China. According to TechSci Research report, “China Life Insurance Market”– By Region, Competition Forecast and Opportunities, 2018-2028F”. The China life insurance market is expected to witness significant growth during the forecast period owing to the rapid increase in the aging population in the country. Moreover, the presence of various insurance plans and presence of multiple insurance companies is driving the life insurance market in China.
The Important Factors of the China Life Insurance Market
Life insurance not only provides economic support to the policyholder’s family in case of any mishappening but also works as a pension for the policyholder. Being the largest consumer and producer of tobacco, there have been registered a large number of deaths due to tobacco. As per the data provided by The World Health Organization, the world’s largest tobacco producer and user is China. Nearly one-third of all smokers in the world, or more than 300 million people, reside in China. Over half of the adult men currently smoke tobacco. In addition, second-hand smoke (SHS) is a daily occurrence for over 700 million non-smokers in China, including over 180 million children. Moreover, every year, second-hand smoke (SHS) exposure results in 100,000 deaths in the country.
The demand for providing for the elderly is increasing as China’s population ages more quickly. 190 million people in the country are over 65 currently, making up 13.5% of the total population, which is on the verge of severe aging (14%). As a result of the country’s rapid aging, the old-age dependency ratio has increased to 19.7%, adding to the need to care for the elderly. Thus, with the increase in the aging population in the country, people are preferring to opt for life insurance as a way to ensure economic protection for their families.
On the basis of premium type, the China life insurance market is divided into regular premiums and single premiums. An individual who opts for a single premium life insurance policy must pay the payment in full before the policy begins. A single premium life insurance policy typically offers a minimum return of 110% and a maximum return of roughly ten times the initial premium. In a regular premium policy, the insured person pays the insurance coverage over the course of the policy at regular intervals. The intervals could be anything from monthly to yearly. The majority of customers choose regular premium policies since they may automate payments using different apps.
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China’s Life Insurance market is segmented on the basis of type of insurance, premium type, type of coverage, term of coverage, mode of purchase, and end user. Based on the type of insurance, the market is segmented into public vs. private. The market is divided into regular and single based on premium type. Based on the type of coverage, the market is bifurcated into individuals and groups. Furthermore, based on the term of coverage, the market is divided into terms and whole. Based on the mode of purchase, the market is divided into insurance agents/brokers, insurance companies, and others, which includes insurtech companies, third-party, etc. By end user, the market is fragmented into minors, adults, and senior citizens.
Owing to a number of benefits, such as the fact that term life insurance offers moderate, fixed-cost, temporary financial protection for a duration of five to thirty years, the term life insurance market will experience significant demand throughout the forecast period. This type of life insurance is usually used to compensate for immediate needs including paying off debt, replacing lost income, paying for childcare, and paying for your child’s education.
Major companies operating in the China Life Insurance Market are:
- HSBC Bank (China) Company Limited
- Ping An Life Insurance Co. of China, Ltd.
- New China Life Insurance Company Ltd.
- Manulife-Sinochem Life Insurance Co Ltd.
- Taiping Life Insurance Co. Ltd.
- Sino Life Insurance Co., Ltd.
- Taikang Life Insurance Co., Ltd.
- China Pacific Insurance (Group) Co Ltd.
- China Reinsurance (Group) Corporation
- Sino-German Allianz Life Insurance Co., Ltd.
Many brands are acquiring other brands in an effort to gain more market share in order to expand their existing customers and serve a wider range of consumers. For instance, Ping An Life Insurance Co of China, Ltd acquired a majority stake of approximately 66.51% equity interest in New Founder Holding Development Company Limited of around USD 6.90 billion in 2022.
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“Owing to the increase in aging population in the country which will cover more than one-third part of the population are opting for life insurance and driving the demand of life insurance market in China. Moreover, increasing financial literacy in the country and the presence of various life insurance plans is boosting the life insurance market in China” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
China Life Insurance Market, By Type of Insurance Provider (Public Vs Private), By Premium Type (Regular Vs Single), By Type of Coverage (Individual, Group), By Term of Coverage (Term Vs Whole), By Mode of Purchase (Insurance Agents/Brokers, Insurance Companies, Others (Insurtech Companies, Third Party, etc.)), By End User (Minors, Adults, Senior Citizens), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of China Life Insurance market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in life insurance in China.
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