Term Life Insurance to Fuel the China Life Insurance Market
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.
According
to TechSci Research report, “China Life
Insurance Market”- By Region, Competition
Forecast and Opportunities, 2018-2028F”. The China life insurance
market is expected to witness a significant growth during the forecast period
owing to the rapid increase in the aging population in the country. Moreover,
the presence of various insurance plans and presence of multiple insurance
companies is driving the life insurance market in China.
The life insurance not
only provides economic support to the policy holder’s family in case of any
mishappening but also works as a pension for the policy holder. Being the
largest consumer and producer of tobacco, there have been registered a large
number of deaths due to tobacco. As per the data provided by The World Health
Organization, the world's largest tobacco producer and user is China. Nearly
one-third of all smokers in the world, or more than 300 million people, reside
in China. Over half of adult men currently smoke tobacco. In addition,
second-hand smoke (SHS) is a daily occurrence for over 700 million non-smokers
in China, including over 180 million children. Moreover, every year,
second-hand smoke (SHS) exposure results in 100,000 deaths in the country.
The demand on providing
for the elderly is increasing as China's population ages more quickly. 190
million people in the country are over 65 currently, making up 13.5% of
the total population, which is on the verge of severe aging (14%). As a result
of the country's rapid aging, the old-age dependence ratio has increased to
19.7%, adding to the need to care for the elderly. Thus, with the increase in
the aging population in the country, people are preferring to opt for life
insurance as a way to ensure economic protection to their families.
On the basis of premium
type, the China life insurance market is divided into regular premium and
single premium. An individual who opts a single premium life insurance
policy must pay the payment in full before the policy begins. A single premium
life insurance policy typically offers a minimum return of 110% and a maximum
return of roughly ten times the initial premium. In a regular premium policy,
the insured person pays the insurance coverage over the course of the policy at
regular intervals. The intervals could be anything from monthly to yearly. The
majority of customers choose regular premium policies since they may automate
the payments using different apps.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on
"China Life Insurance Market".
China's Life Insurance
market is segmented on the basis of type of insurance, premium type, type of
coverage, term of coverage, mode of purchase, and end user. Based on the type
of insurance, the market is segmented into public vs. private. The market is
divided into regular and single based on premium type. Based on the type of
coverage, the market is bifurcated into individuals and groups. Furthermore,
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, which includes insurtech companies,
third-party, etc. By end user, the market is fragmented into minors, adults,
and senior citizens.
Owing to a number of
benefits, such as the fact that term life insurance offers moderate,
fixed-cost, temporary financial protection for a duration of five to thirty
years, the term life insurance market will experience significant demand
throughout the forecast period. This type of life insurance is usually used to
compensate for immediate needs including paying off debt, replacing lost
income, paying for childcare, and paying for your child's education.
Major companies operating in the China
Life Insurance Market are:
- 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.
Many brands are acquiring
other brands in an effort to gain more market share in order to expand their
existing customers and serve a wider range of consumers. For instance, Ping An
Life Insurance Co of China, Ltd acquired a majority stake of approximately
66.51% equity interest in New Founder Holding Development Company Limited of
around USD 6.90 billion in 2022.
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“Owing to the increase in
aging population in the country which will cover more than one-third part of
the population are opting for life insurance and driving the demand of life
insurance market in China. Moreover, due to increasing financial literacy in the
country and the presence of various life insurance plans is boosting the life
insurance market in China” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
China Life Insurance Market, By Type of
Insurance Provider (Public Vs Private), 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 End User (Minors, Adults, Senior
Citizens), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth
potential of China Life Insurance market and provides statistics &
information on market size, structure, and future market growth. the report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the life insurance in China.
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