2021
0
China Insurance Market Report 2021
2021-11-19T03:11:57+00:00
OX1047285
3695
145355
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
“The pandemic has greatly increased consumers’ health awareness and their attention to insurance products. China’s insurance market, especially life insurance, continues to grow after the outbreak. First, policy supervision has…

China Insurance Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“The pandemic has greatly increased consumers’ health awareness and their attention to insurance products. China’s insurance market, especially life insurance, continues to grow after the outbreak. First, policy supervision has set out clear requirements for the transformation of the insurance industry. Second, mature technology provides the necessary support for the transformation. ‘Insur-tech’ is redefining the insurance industry. In the future, as consumers’ needs become more diverse, family combination insurance products will become an important trend.”
– Blair Zhang, Research Analyst

Key issues covered in this report

  • Purchase and claim situation for insurance products
  • Purchase drivers for critical illness insurance products
  • Concerns when buying insurance products
  • Insurance product purchase channels
  • Reasons for using online channels to purchase insurance products
  • Attitudes towards insurance

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this report
        • Covered in this report
          • Excluded
          • Executive Summary

              • The market
                • Positive growth trend in China’s insurance market
                  • Figure 1: China’s GDP and GDP growth rate, insurance penetration, 2016 to 2020
                • Life insurance growing rapidly, still the market’s most popular
                  • Figure 2: Life and non-life premium insurance income and growth rate, 2016 to 2021
                • Companies and brands
                  • Promote business transformation and use insurance technology to create a better user experience
                    • Travel accident insurance products launched in response to the COVID-19 outbreak
                      • Major illness medical insurance (大病医疗险) such as “million medical insurance” boosts renewal commitment
                        • The consumer
                          • Market growth stable in terms of overall purchaser numbers, with increased number of insurance purchases per capita
                            • Figure 3: Insurance products purchased in the last two years, 2017 to 2021
                          • Consumers purchase critical illness insurance mainly for financial security and health concerns
                            • Figure 4: Purchase drivers for critical illness insurance, 2021
                          • Professionals should help win consumers, not worry them
                            • Figure 5: Concerns when purchasing insurance, 2021
                          • The insurance industry adopts a new model of online and offline integration
                            • Figure 6: Purchasing channels for insurance products, 2021
                          • Saving time and transparency are the top two reasons for consumers to use online channels
                            • Figure 7: Reasons for using online channels, 2021
                          • Attention to reputation management, especially on social media, helps industry players earn more trust
                            • Figure 8: Attitudes towards insurance, 2021
                          • What we think
                          • Issues and Insights

                            • Information transparency has become an important driving force in industry development
                              • The facts
                                • The implications
                                  • As consumers’ demands become more diverse, family customised insurance products have become a trend
                                    • The facts
                                      • The implications
                                        • Figure 9: Some of insurance products on Ping An Insurance Mall, 2021
                                      • Critical illness insurance offers potential in health management industry collaboration
                                        • The facts
                                          • The implications
                                          • Market Size

                                            • Positive growth trend in China’s insurance market observed
                                              • Figure 10: China’s GDP and GDP growth rate, insurance penetration, 2016 to 2020
                                          • Market Segmentation

                                            • Life insurance is growing rapidly and is still the market’s most popular
                                              • Figure 11: Life and non-life premium insurance income and growth rate, 2016 to 2021 (est)
                                              • Figure 12: Some of sub-category insurances’ premium income, 2016 to 2021 (est)
                                          • Market Drivers

                                            • Active policies guide the transformation of the insurance industry
                                              • Consumers’ increasing wealth lays a solid foundation for industry development
                                                • COVID-19 wrought mixed impact on the insurance industry
                                                  • Technology applications help insurance industry gain more opportunities
                                                    • New energy vehicle owners welcome exclusive commercial insurance clauses
                                                    • Competitive Strategies

                                                      • Promote business transformation and use insurance technology to create a better user experience
                                                        • IoT helps insurance companies to gain first-hand consumers’ data, thus providing better service
                                                          • Attention to endowment insurance a new growth engine for the industry
                                                            • Tap into uncertainties to drive scenario-based insurance purchase
                                                              • Figure 13: The flight ordering page on Ctrip.com, 2021
                                                          • Who’s Innovating?

                                                            • Major illness medical insurance (大病医疗险) such as “million medical insurance” boosts renewal commitment
                                                              • Figure 14: Addition benefits from Yixiang Wuyou Million Medical Insurance product, 2021
                                                            • Pet insurance that focuses on pets’ health gains popularity
                                                              • Figure 15: Pet insurance on Alipay app, 2021
                                                              • Figure 16: Ping An Pet Insurance, 2021
                                                            • Technology empowers digital transformation of auto insurance
                                                              • Figure 17: Service provided by Cheche technology, 2021
                                                            • Travel accident insurance products launched in response to COVID-19
                                                            • Insurance Products Purchased

                                                              • The market is growing steadily in overall purchaser numbers with increased insurance purchases per capita
                                                                • Figure 18: Insurance products purchased in the last two years, 2017 to 2021
                                                              • Consumers’ insurance awareness is gradually increasing
                                                                • Figure 19: Insurance products purchased in the last two years, 2021
                                                              • Critical illness insurance receives most interest from consumers
                                                                • Figure 20: Interest in purchasing critical illness insurance, by age, 2021
                                                              • Home property insurance holds potential, although purchase rate is relatively low
                                                                • Figure 21: Home property insurance purchased in the last two years, by living situation, 2021
                                                            • Purchase Drivers for Critical Illness Insurance

                                                              • Consumers mainly purchase critical illness insurance for financial security and health concerns
                                                                • Figure 22: Purchase drivers for critical illness insurance, 2021
                                                                • Figure 23: The top 2 purchase drivers for critical illness insurance, by purchaser or intender, 2021
                                                              • Tier 2 cities’ consumers increased insurance awareness
                                                                • Figure 24: Critical illness insurance purchased in the last two years, by city tier, 2021
                                                                • Figure 25: Purchase drivers for critical illness insurance, 2021
                                                              • Families trust professional voice when purchasing critical illness insurance
                                                                • Figure 26: Purchase drivers for critical illness insurance, by family structures, 2021
                                                            • Concerns when Purchasing Insurance

                                                              • Professionals should help win consumers, not worry them
                                                                • Figure 27: Concerns when purchasing insurance, 2021
                                                                • Figure 28: Top Concerns when purchasing insurance, by age, 2021
                                                              • Accelerate the development of efficient claims process
                                                                • Figure 29: Concerns when purchasing insurance due to the claims process being cumbersome, by age, 2021
                                                              • Insurance salespeople’s level of professionalism demands improvement
                                                                • Figure 30: Concerns when purchasing insurance due to the insurance agent/broker being unprofessional, by age, 2021
                                                            • Purchasing Channel

                                                              • The insurance industry adopts a new model of online and offline integration
                                                                • Figure 31: Purchasing channels for insurance products, 2021
                                                              • Online third-party platforms have become popular channels
                                                                • Figure 32: Purchased from online third-party platforms, by gender, age and personal income, 2021
                                                              • Understanding consumers’ real needs and speaking for consumers is insurance brokers’ top priority
                                                                • Figure 33: Purchased from insurance broker/broker stores, by generation, 2021
                                                            • Reasons for Using Online Channels

                                                              • Saving time and transparency top two reasons consumers use online channels
                                                                • Figure 34: Reasons for using online channels, 2021
                                                              • Male and female consumers opt for online channels for different reasons
                                                                • Figure 35: Reasons for using online channels, 2021
                                                                • Figure 36: Female-only critical illness insurance launched by Huatai Life Insurance Co., 2021
                                                              • AI insurance consultants for customised plans the future in online insurance purchase
                                                                • Figure 37: Using online channels for appropriate insurance solutions recommended by smart sales bots, by generation and city tier, 2021
                                                            • Attitudes towards Insurance

                                                              • Attention to reputation management, especially on social media, helps industry players earn more trust
                                                                • Figure 38: Attitudes towards insurance on reputation of the company and usage of social media, 2021
                                                                • Figure 39: Tencent Weibao’s post on Weibo, 2021
                                                              • Open to data sharing to receive customised service
                                                                • Figure 40: Attitudes on “I would like medical institutions to share my diagnosis and treatment data with insurance companies”, by family structure, 2021
                                                              • The demand for pet insurance is increasing, with the current products not meeting the expectation for convenience
                                                                • Figure 41: Attitudes on “I am willing to purchase insurance for my pets”, by gender, 2021
                                                            • Appendix – Market Size

                                                                • Figure 42: Life and non-life insurance premium income (bn RMB) and growth rate (%), 2016 to 2021 (est)
                                                                • Figure 43: Sub-category insurances’ premium income (bn RMB), 2016 to 2021 (est)
                                                            • Appendix – Methodology and Abbreviations

                                                              • Methodology
                                                                • Abbreviations

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