NewswireToday - /newswire/ -
Beverly, MA, United States, 2012/06/08 - Emerging Markets Direct has just published a new report on the Chinese insurance industry, documenting significant growth over the past 10 years - EmergingMarketsDirect.com.
The first part of the report covers the industry size and value and the regulatory developments of the insurance industry. It also provides an overview of the life and non-life insurance segments as well as foreign insurance companies in China.
Part two of the report presents the trends and outlook of the industry which include the automobile insurance, bancassurance, aging population, life expectancy, trend of urbanization, disposable income, savings rate and the country’s diverse and sophisticated customer needs
Five construction companies are discussed in the third part of the report. SWOT analysis, operational highlights, latest financial results and quick facts of each leading company are also included in this section.
New Requirements on Combined Ratio for Automobile Insurance
Regulator has further strengthened regulations and consumer protection by requiring insurers to keep the combined ratio of their new and independently developed products below 100%.
Easing Regulations on Foreign Participation in Automobile Insurance
China is stepping up in liberalizing the insurance industry by granting foreign insurers full access to China’s lucrative motor vehicle insurance market. The step is expected to intensify competition and to improve the level of service provided by local insurers.
Rising Adoption on New Bancassurance Model
Banks have increasingly adopted the emerging bancassurance model, bank-owned insurance company. The common ownership allows both parties to leverage on synergies such as a more integrated work flow, wider business network and established expertise in insurance risk management.
Supportive Social and Economic Development Patterns
China’s growing proportion of aging population, rising life expectancy, increasing per capita disposable income in urban households and relatively high savings rate are expected to create and sustain a favorable operating environment for both the local and foreign insurers.
These are only a few of the insights covered in China Insurance Industry (June 2012).