China Life Insurance Market, 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 Region, Competition, Forecast & Opportunities, 2018-2028

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Summary

Report Description

The China life insurance market is expected to witness high demand during the forecast period owing to the country's rising aging population and declining life expectancy due to different diseases such as air pollution, tuberculosis, etc and the rapid increase in the sudden cardiac deaths in the country. Moreover, the increasing awareness about the importance of life insurance among consumers and the awareness regarding the benefits of different life insurance plans is further boosting the China life insurance market.

The insurer agrees to pay the beneficiary of the life insurance policy a specific sum when the insured person dies or after a particular period, in return for the policyholder's premium payments. This contract is referred to as life insurance. A life insurance policy's owner must pay premiums for the policy's lifetime, and in exchange, the life insurance provider provides complete life cover. Life insurance provides a lump sum payment known as the death benefit in the case of a tragic event.

The increasing government initiatives are expected to drive the market of life insurance in China. A new private pension scheme in China has been launched by the State Council, allowing people to voluntarily contribute to pension accounts and invest their pension funds in reliable financial products such as life insurance, health insurance, etc. As China's population ages faster than expected and the declining birth rate in the country, the national pension fund faces mounting pressure. Thus, the new scheme aims to address faults in the country's current pension system. As part of the program, people will have more options for accumulating wealth, maintaining financial stability, and accessing a lucrative new market for banks and financial organizations and this will significantly boost the market for private players dealing in different financial products. Thus, with the launch of the private pension scheme, people in China can make different financial investments, such as other types of insurance, including life insurance. Life insurance not only provides back support to the consumers after they retire, it acts as protection for the family after any undesirable situation.

The life insurance market is experiencing substantial growth in competition as more businesses compete for consumers' attention and business. The expansion of digital channels, the globalization of the insurance markets, and the growing importance of the consumer have all contributed to this development. To meet the changing demands and tastes of their clients, insurers are launching fresh, innovative products. For instance, some insurers now provide coverage for new risks like identity theft or cyberattacks. To enhance the client experience, insurers are spending money on customer service and assistance. This might entail providing professional guidance and direction as well as enhancing the claims procedure. Insurance companies set themselves apart from their rivals by developing potent, identifiable brands that connect with consumers. This may entail making investments in marketing and advertising initiatives that emphasize the company's distinctive selling propositions.

Rapidly Increasing Aging Population is Fueling the Market Growth

The aging population in China is increasing rapidly, which is significantly increasing pressure on older people to buy life insurance for the betterment of their family members after they are gone. According to data from the 2020 census, around 264 million people in China are already 60 or older, making up about 18.70% of the country's total population, an increase from 13.3% in the 2010 census. According to projections, this geriatric population will reach 300 million by 2025 and more than 400 million by 2033. The size of the above 60 population, which would make up about one-third of China's population, would have considerable influence on the administration of social welfare services and public safety.

Growing Number of Insurance Companies Will Drive the Market Growth

The market is experiencing an increase in the number of insurance providers. The number may rise more in the coming years as China's insurance regulatory body raised the cap on FDI investments in the insurance sector from 51% to 100%. A change in insurance legislation will increase the number of market participants, strengthen the market, encourage Chinese and foreign-owned financial institutions to become more competitive and help China access global knowledge and expertise. The promotion of the Chinese insurance industry, the enhancement of the shareholding composition of associated financial institutions, the regulation of shareholder behavior, and the formation of a sound and the diversified market system will all benefit greatly from China's continued opening up and the creation of a fair market environment.


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Increasing Financial Literacy is Boosting the Market Growth

According to the report “Consumer Financial Literacy Survey and Analysis Report (2021)” published by People’s Bank of China (PBOC), Chinese consumers scored 66.81 overall for financial literacy in 2021, up 2.04 points from 2019. Moreover, according to the survey, Chinese consumers know more about fundamental economic concepts such as credit, insurance, loans, deposits, and annualized return calculation. Thus, with the increase in the financial literacy in the country, it will further accelerate the growth of life insurance market owing to better market knowledge among people.

Emergence of Online Distribution Channel

In China's life insurance industry, the growth of online distribution channels has been a significant trend. Online distribution channels refer to the process of providing insurance products and services to consumers directly through digital channels like websites and mobile applications. In the past, agents or brokers were primarily responsible for selling life insurance policies. They would visit with clients in person to discuss the policies and help with the application process. The growing use of mobile devices and high-speed internet, however, has led to a rise in the number of consumers who choose to browse and buy insurance products online.

For customers, online distribution channels offer convenience and flexibility. Customers can research and purchase insurance products at any time and from anywhere, without the need to schedule appointments with agents or brokers. Customers can also purchase insurance through online channels, which gives them more transparency and control over the process and enables them to compare options and pricing and come to wise judgements. Online distribution platforms are especially well suited for selling plain, easy-to-understand life insurance products like term insurance that don't need a lot of modification or explanation. While employing online tools and calculators to assist customers comprehend these products, some insurers are also leveraging digital channels to market more complex products like permanent life insurance and annuities.

Market Segmentation

China's Life Insurance market is segmented on the basis of premium type, type of coverage, term of coverage, and mode of purchase. The market is divided into regular and single based on premium type. Based on the type of coverage, the market is segmented into individuals and groups. Further, based on the term of coverage, the market is divided into term and whole. Based on the mode of purchase, the market is divided into insurance agents/brokers, insurance companies, and others includes insurtech companies, third-party, etc.

Market Players

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. are some of the major players in the China Life Insurance market.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Value in USD Million, CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Premium Type

·         Type of Coverage

·         Term of Coverage

·         Mode of Purchase

·         Region

Regional scope

South-Central, South-West, East, North-East, North-West, North

Key companies profiled

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., etc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, China life insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • China Life Insurance Market, By Premium Type:
    • Regular
    • Single
  • China Life Insurance Market, By Type of Coverage:
    • Individual
    • Group
  • China Life Insurance Market, By Term of Coverage:
    • Term
    • Whole
  • China Life Insurance Market, By Mode of Purchase:
    • Insurance Agents/Brokers
    • Insurance Companies
    • Others

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in China life insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

China Life Insurance Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected].

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.         By Gender

4.2.2.         By Age

4.2.3.         By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

5.    China Life Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.         By Value          

5.2.  Market Share & Forecast

5.2.1.        By Premium Type Market Share Analysis (Regular Vs Single)

5.2.2.         By Type of Coverage Market Share Analysis (Individual, Group)

5.2.3.         By Term of Coverage Market Share Analysis (Term Vs Whole)

5.2.4.        By Mode of Purchase Market Share Analysis (Insurance Agents/Brokers, Insurance Companies, Others (Insurtech Companies, Third Party, etc.))

5.2.5.         By Regional Market Share Analysis

5.2.5.1.         South-Central Market Share Analysis

5.2.5.2.         South-West Market Share Analysis

5.2.5.3.         East Market Share Analysis

5.2.5.4.         North-East Market Share Analysis

5.2.5.5.         North-West Market Share Analysis

5.2.5.6.         North Market Share Analysis

5.2.6.         By Top 5 Companies Market Share Analysis, Others (2022)

5.3.  China Life Insurance Market Mapping & Opportunity Assessment

5.3.1.         By Premium Type Market Mapping & Opportunity Assessment

5.3.2.         By Type of Coverage Market Mapping & Opportunity Assessment

5.3.3.         By Term of Coverage Market Mapping & Opportunity Assessment

5.3.4.         By Mode of Insurance Market Mapping & Opportunity Assessment

5.3.5.         By Regional Market Mapping & Opportunity Assessment

6.    China Single Premium Life Insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.         By Value

6.2.  Market Share & Forecast

6.2.1.         By Type of Coverage Market Share Analysis

6.2.2.         By Term of Coverage Market Share Analysis

6.2.3.         By Mode of Purchase Market Share Analysis

7.    China Regular Premium Life Insurance Market Outlook

7.1.  Market Size & Forecast          

7.1.1.         By Value

7.2.  Market Share & Forecast

7.2.1.         By Type of Coverage Market Share Analysis

7.2.2.         By Term of Coverage Market Share Analysis

7.2.3.         By Mode of Purchase Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.         Increasing ageing population

8.1.2.         Rise in financial literacy

8.1.3.         Growing number of insurance companies

8.2.  Challenges

8.2.1.         Rising insurance rates

8.2.2.         Decreasing number of working professionals

9.    Impact of COVID-19 on China Life Insurance Market

9.1.  Impact Assessment Model      

9.1.1.         Key Segments Impacted

9.1.2.         Key Regions Impacted

9.1.3.         Key Mode of Purchase Impacted

10.  Market Trends & Developments

10.1.              Rising awareness through online channels

10.2.              Easy availability

10.3.              Rising government initiatives

10.4.              Increasing demand of life insurance as pension schemes

10.5.              Presence of various life insurance schemes

11.  SWOT Analysis

11.1.              Strengths

11.2.              Weaknesses

11.3.              Opportunities

11.4.              Threats

12.  United Kingdom Economic Profile

13.  Policy & Regulatory Landscape

14.  Competitive Landscape

14.1.              Company Profiles

14.1.1.      HSBC Bank (China) Company Limited

14.1.1.1.              Company Details

14.1.1.2.              Products

14.1.1.3.              Financials (As Per Availability)

14.1.1.4.              Key market Focus & Geographical Presence

14.1.1.5.              Recent Developments

14.1.1.6.              Key Management Personnel

14.1.2.      Ping An Life Insurance Co of China, Ltd

14.1.2.1.              Company Details

14.1.2.2.              Products

14.1.2.3.              Financials (As Per Availability)

14.1.2.4.              Key market Focus & Geographical Presence

14.1.2.5.              Recent Developments

14.1.2.6.              Key Management Personnel

14.1.3.      New China Life Insurance Company Ltd.

14.1.3.1.              Company Details

14.1.3.2.              Products

14.1.3.3.              Financials (As Per Availability)

14.1.3.4.              Key market Focus & Geographical Presence

14.1.3.5.              Recent Developments

14.1.3.6.              Key Management Personnel

14.1.4.      Manulife-Sinochem Life Insurance Co Ltd

14.1.4.1.              Company Details

14.1.4.2.              Products

14.1.4.3.              Financials (As Per Availability)

14.1.4.4.              Key market Focus & Geographical Presence

14.1.4.5.              Recent Developments

14.1.4.6.              Key Management Personnel

14.1.5.      Taiping Life Insurance Co Ltd

14.1.5.1.              Company Details

14.1.5.2.              Products

14.1.5.3.              Financials (As Per Availability)

14.1.5.4.              Key market Focus & Geographical Presence

14.1.5.5.              Recent Developments

14.1.5.6.              Key Management Personnel

14.1.6.      Sino Life Insurance Co., Ltd.

14.1.6.1.              Company Details

14.1.6.2.              Products

14.1.6.3.              Financials (As Per Availability)

14.1.6.4.              Key market Focus & Geographical Presence

14.1.6.5.              Recent Developments

14.1.6.6.              Key Management Personnel

14.1.7.       Taikang Life Insurance Co., Ltd.

14.1.7.1.              Company Details

14.1.7.2.              Products

14.1.7.3.              Financials (As Per Availability)

14.1.7.4.              Key market Focus & Geographical Presence

14.1.7.5.              Recent Developments

14.1.7.6.              Key Management Personnel

14.1.8.      China Pacific Insurance (Group) Co Ltd

14.1.8.1.              Company Details

14.1.8.2.              Products

14.1.8.3.              Financials (As Per Availability)

14.1.8.4.              Key market Focus & Geographical Presence

14.1.8.5.              Recent Developments

14.1.8.6.              Key Management Personnel

14.1.9.      China Reinsurance (Group) Corporation

14.1.9.1.              Company Details

14.1.9.2.              Products

14.1.9.3.              Financials (As Per Availability)

14.1.9.4.              Key market Focus & Geographical Presence

14.1.9.5.              Recent Developments

14.1.9.6.              Key Management Personnel

14.1.10.    Sino-German Allianz Life Insurance Co., Ltd.

14.1.10.1.            Company Details

14.1.10.2.            Products

14.1.10.3.            Financials (As Per Availability)

14.1.10.4.            Key market Focus & Geographical Presence

14.1.10.5.            Recent Developments

14.1.10.6.            Key Management Personnel

15.  Strategic Recommendations/Action Plan

15.1.              Key Focus Areas

15.2.              Target Premium Type

15.3.              Target Mode of Purchase

16.  About Us & Disclaimer 

 (Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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The China Life Insurance Market is segmented on the basis of type of insurance, premium type, type of coverage, term of coverage, and mode of purchase.

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The market for life insurance in China is driven by rising consumer awareness about the importance of life insurance, a rapidly aging population in the nation, and the accessibility of various life insurance plans.

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Most individuals prefer term life insurance since it is simple, reasonably priced, and only lasts as long as the policyholder needs it to. One of the simplest and least expensive methods to give the family financial security is term life insurance.

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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. are the key players in the China Life Insurance Market.

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Increasing number of geriatric population, rapid rise in the number of insurance market operators, and presence of different insurance plans is driving the demand for life insurance in China.

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