Life Report

Product Insurance Market Reports Life Rev China

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details China's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in China's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of China

The China life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of China.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit China and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about China’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in China is available.

Axco’s report describes the regulatory framework that applies to the China domestic life insurance sector, including whether non-admitted insurance is permitted in China; as well as the legislation necessary to know regarding China’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in China with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Chinese market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in China, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Chinese pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The China report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

China Life and Benefits Report Extract

Below are brief extracts of information from the China Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Because of its huge population and consistently high rates of real GDP growth, China has leapfrogged Japan to become the second-largest life market in the world after the US with premiums of CNY 2.96trn (USD 422.48bn) in 2019. Growth is driven by rapidly rising living standards, urbanisation, and the need to provide for retirement and ill health.

The Chinese market is largely self-contained and has developed according to a unique cultural and political dynamic in which entrepreneurship, recklessness and government ....


China has a three-pillar pension system for employees. The first and largest pillar is local social funds financed by employer contributions of up to 16% of wages. The second pillar comprises company pensions and employees' personal accumulation accounts which are funded by mandatory contributions of 8% of wages. The third pillar is voluntary savings.

Although a legal framework for company pensions was introduced as far back as 2004, company pension schemes are rare: it seems that only 6% of the urban workforce are enrolled in regulated schemes (though a possibly higher percentage may be enrolled in unregulated schemes). 


Although the number of private healthcare facilities now exceeds the number of public hospitals, the provision of healthcare, particularly for chronic or serious illness, remains dominated by the state sector. State primary care is undeveloped, however, requiring patients with even minor illnesses to queue for an appointment at a state hospital. This inefficient system is rapidly being overtaken by the development of telemedicine by both public and private healthcare providers. State hospitals are partly financed by government, but mainly operate on a "fee for services" basis. A growing proportion of patients' hospital costs are reimbursed by the social security system, but there are still significant unreimbursed expenses which must be paid from patients' private resources or by a rapidly ....

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