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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Chinese non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in China's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Chinese non-life (P&C) market as well as trends by line of business. Axco analysts also report on China's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes China's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in China, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in China, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in China with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Because of its huge population and consistently high rates of real GDP growth, China has leapfrogged to become the second-largest insurance market in the world after the US. In 2019 non-life premiums grew to CNY 1.30trn (USD 185.55bn). The dominant line is motor, which accounted for 62.9% of premiums in 2019.
The Chinese market is largely self-contained and has developed according to a unique cultural and political dynamic in which entrepreneurship, recklessness and government direction all play important parts. The market is dominated by state-owned or state-invested insurers, particularly the People's Insurance Company of China (PICC) ....
This is a brief extract of information; more updated information may be available in the latest published report