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Business Report on China Insurance Industry, 2010-2015
 

Keywords: insurance businesses, China insurance enterprises, insurance industry

 

Since the reform and opening up especially the 16th National Congress of CPC, China insurance businesses have increased quickly, service field has been expanded, market system has been perfected day by day, laws and regulations have been completed step by step, supervision level has been improved constantly, risks have been prevented efficiently and the whole strength has been reinforced obviously, which played an active role in improving reform, protecting economy, stabilizing society and benefiting people.

Insurance industry is one of the fastest developing industries in national economy. Since 2002, the average annual growth rate of China premium revenues was 17.3%, and reached 492.7 billion Yuan which was 1.6 times of that in 2002. By 2005, insurance institutions reached 100 and initially formed fair competition and common development market situation in which many kinds of organization forms and ownership elements coexisted such as state-owned holding (Group) company, joint-stock company, policy-oriented company, professional company, foreign insurance company, etc. In the past three years, China premium revenues rose by 8 percentage points annually higher than world average level, and in 2005 China premium revenues ranked the 11th of the world and occupied 1.8% of global total premium revenues, increased by 0.4 percentage point than that in 2002.
  
In 2006, national premium revenues were up to 564.1 billion Yuan, 1.8 times of that in 2002 and ranked the 9th in the world, higher by 7 than that in 2000. This meant the average annual international rank of China insurance industry rose by 1. Among that, total revenues of the three leading enterprises-Chinese People’s Insurance, China Life and Ping An of China was 341 billion Yuan, increased by 30.9% than 2003. Bad assets rate of the enterprises were all less than 0.06%, enterprise solvency sufficient rate were over 100% and China Life reached 350%.
  
By 2007, there were 110 insurance companies including 43 foreign companies which increased by 21 than 22 at the end of 2002; China premium revenues was to 703.58 billion Yuan, 2.3 times of 2002. At the same time, revenues of foreign insurance companies were 42 billion Yuan, 9.1 times of that in 2002; foreign insurance held 5.9% of national market shares, increased by 4.4 percentage points than that in 2002. Premium revenues was to 187,474,205,600 Yuan in the first two months of 2008 in different areas of China, which included property insurance premium revenues 41,744,736,900 Yuan, life insurance premium revenues 134,569,007,900 Yuan, accident insurance premium revenues 2,890,542,500 Yuan and health insurance premium revenues 8,269,918,300 Yuan.
  
By December 31, 2007, there were 2331 professional insurance intermediaries and 7 foreign ones. Along with the stable development of businesses, profitability of professional intermediaries was improved continuously. In 2007, total profits of national professional intermediaries were 194.962 million Yuan, increased year-on-year 96.22%. Especially for insurance broker institutions, total profits in the whole year 2007 were 220.53 million Yuan, increased year-on-year 104.74%, to be the best level in history. When the capital market paid more attention to insurance intermediaries profitability and development prospect day by day, intermediaries were also facing some challenges at the same time, such as, the situation that distribution of intermediaries was unbalanced still existed and so on.
  
Over the past ten years, the development of world insurance industry has proved the continuously strengthened situation of internationalized trend. As a great potential and opening up market, China attracts international insurance capital extraordinarily, and many famous international insurance companies have arranged the businesses developed in China as an important strategy. For China insurance enterprises, it means that if they want to survive and develop in the competition, they must adjust to the international development trend and research and implement the international operation as the key strategy. China insurance industry has entered rapid development period, and operation model of insurance industry is developing toward diversification. The future prospect of China insurance industry development will be very good.

                                                                                                  Source: http://www.ocn.com.cn/reports/China-Insurance-Industry128.htm

 



 

 

 

 

 

 

 

 

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