China market shows great potential.China's entry into the World Trade Organization is viewed as a catalyst for change in the insurance business, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Benfield Group Benfield Group Limited is a reinsurance and risk intermediary based in London, England. It has been listed on the London Stock Exchange since June 2003 and is a constituent of the FTSE 250 Index. Ltd.'s study, "China Insurance Market Review." In 2001,31 companies sold insurance in China; as of June June: see month. 2003 the number of insurers increased to 56. The insurance business is dominated by Chinese-funded companies--China Life Insurance holds a 57% market share of the life market and People's Insurance Company of China People's Insurance Company of China Holdings Company (中国人保控股公司) is a state-owned company in the People's Republic of China. holds a 71% share of the non-life In the physical sciences, non-life is an umbrella term set to distinguish or characterize those inanimate chemical precursors found in the primeval soup of the early years of planetary evolution from which life, theoretically, evolved or came into existence. business. Top Non-Life Insurance Companies in China China is the third-largest non-life market in Asia, after Japan and South Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. . Car insurance accounts for 60% of the non-life market followed by commercial property at 17%.
Market Share
2000 2001 2002
People's Insurance
Company of China 77.5% 74.1% 70.5%
China Pacific 11.3 12.4 13.1
Ping An 8.0 9.7 10.6
Hua Tai 0.8 0.9 1.0
Tian An 0.4 0.6 0.9
Source: Benfield Group, Almanac of China's Insurance 2002,
PICC Prospectus
Top Life Insurers in China The top three life insurance companies in China control more than 90% of the market, and individual policies make up 75% of the life products sold.
Market Share
2000 2001 2002
China Life 65.0% 57.0% 57.0%
Ping An 22.0 28.0 23.0
China Pacific 8.0 10.0 11.0
New China Life 2.0 2.0 4.8
Taikang Life N/A N/A 2.0
AIA(AIG) 2.0 2.0 2.0
Source: Benfield Group, Almanac of China's Insurance, Swiss
Re., A.M. Best and PICC Prospectus.
China Premium Income 1996 to 2002 The Chinese insurance industry has grown an average of 25% a year since 1996, but is considered relatively underdeveloped un·der·de·vel·oped adj. Not adequately or normally developed; immature. with insurance penetration of 2.9%. [GRAPHIC OMITTED] |
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