China Health Insurance Market, By Type of Insurance Provider (Public Vs Private), By Type of Coverage (Individual Vs Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By Region, By Company, Forecast & Opportunities, 2018-2028

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Summary

Report Description

The China health insurance market is expected to be driven by rising number of chronic diseases, increasing demand for health insurance, and rising government efforts in enhancing insurance coverages. Moreover, growing awareness about the benefits offered by health insurance plans, drive the sustainable growth of health insurance industry in China during the forecast period.

Health insurance is a type of insurance that covers the insured person's medical, surgical, and occasionally dental costs. It guards the insurance holder against unforeseen, exorbitant medical expenses. Before the health insurance is responsible for payment, it is typical for the covered policyholder to assume a share of the risk by covering the initial medical expenses up to an agreed-upon amount.

As health disease cases are spreading across the nation, the government is taking necessary steps to ensure public safety. The Chinese government also focuses on expanding health insurance coverage and enhancing the healthcare system. The development in "Huiminbao" products in China is leading to the development of China’s health insurance industry. In 2021, about 1.36 billion people in China had a basic health insurance, which was more than 95% of the total population. Moreover, Huiminbao is medical insurance, which was launched by local governments and commercial insurance companies, as a supplement to medical insurance to compensate some large or serious medical expenses. Moreover, insurance companies now have better access to latest technologies and they are making better use of big data analytics to deliver better healthcare services, which generates long-term commercial value and has led to increase in the market demand of health insurance in the country.

Huiminbao products are mainly distinguished based on three features i.e., high level of inclusive benefit, a low financial threshold, and broad protection coverage. Middle to low-income residents, particularly seniors and the elderly, benefits from the Huiminbao products. For instance, in 2021, "Beijing Huiminbao" was introduced, which provided citizens with medical insurance of up to USD431 Thousands per year for just USD28 annual premium. Over 3 million clients have been covered since the product debuted on the Waterdrop platform. Beijing Local Financial Supervision and Administration, the Beijing Municipal Medical Insurance Bureau, and the CBIRC's Beijing Supervisory Bureau work together to direct Beijing Huiminbao jointly. Hence, rising government initiatives aimed at the general public's welfare, is expected to increase the market demand for health insurance during the forecast period in China.

Increasing Health Insurance Premiums to Boost the Market Growth

Health insurance premiums are the sums of money that must be paid on a regular basis to an insurer to maintain the policy's validity as well as to receive medical treatment. According to China Business News and Ping An Health Insurance, China's health insurance premiums had exceeded USD143 billion in 2021. As a result, China's health insurance premiums are the most noticeable in the health insurance market, and their percentage has increased every year. Thus, boosting China’s health insurance industry.

Increasing Awareness of Health Risks to Boost the Market

Unhealthy lifestyle choices have led to an increase in the number of people with chronic diseases such as cancer, disease, and diabetes, as well as an increase in the frequency of traffic accidents, among other things. Additionally, rising health risk awareness offers insurance businesses prospects for expansion, especially in the aftermath of Covid-19. China's health system has become increasingly important with a rapidly aging population and increasing income. People are more willing to spend on health-related expenses with an increasing income level. For instance, total health expenditure in China is expected to reach USD 1085 billion, or about 6.6% of gross domestic product (GDP) in 2021.


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Increasing Medical Cost to Boost the Market Growth

The need for health insurance mainly resulting from rising medical costs and high prices for high-treatments daycare treatments, particularly in private hospitals. A new financial epidemic has spread throughout the region because of increasing hospital and surgical service expenses. The cost of medical services includes, among other things, the price of surgery, doctor visits, hospital stays, emergency room visits, and diagnostic tests. The cost of hospital care alone can completely wipe out a person's savings if they do not receive benefits. Therefore, to improve insurance coverage and support the market for health insurance, the rising cost of medical services has made it necessary for people to obtain health insurance. As a result, private insurance has become more critical to China's health insurance industry in recent years. In 2021, private insurance premiums represented over 11.6% of healthcare expenditures.

Market Segmentation

Health insurance is segmented based on the insurance provider, type of coverage, mode of purchase, and premium types. Based on the type of insurance provider, the market is bifurcated into public vs private. Based on the type of coverage, the market is divided into individual vs family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurtech companies, third party, etc.)). Based on premium type, the market is divided into regular premium and single premium based.

Company Profiles

Ping An Insurance (Group) Company of China Ltd, China Life Insurance (Overseas) Company Limited, China Pacific Insurance (Group) Co. Ltd., People's Insurance Company of China, New China Life Insurance Co., Ltd, China Reinsurance (Group) Corporation, AIA Group Limited, Azuria Life, Sino-German Allianz Life Insurance Co., Ltd., and HSBC Bank (China) Company Limited are among the major players driving the China health insurance market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type of Insurance Provider

·         Type of Coverage

·         Mode of Purchase

·         Premium Type

·         Region

Regional Scope

South-Central, South-West, East, North-East, North-West, North

Key Companies Profiled

Ping An Insurance (Group) Company of China Ltd, China Life Insurance (Overseas) Company Limited, China Pacific Insurance Company (Hong Kong) Limited, People's Insurance Company of China, New China Life Insurance Co., Ltd, China Reinsurance (Group) Corporation, AIA Group Limited, Azuria Life, Sino-German Allianz Life Insurance Co., Ltd., HSBC Bank (China) Company Limited

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)


Report Scope:

In this report, the China health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • China Health Insurance Market, By Type of Insurance Provider:
    • Public
    • Private
  • China Health Insurance Market, By Type of Coverage:
    • Individual
    • Family
  • China Health Insurance Market, By Mode of Purchase:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • China Health Insurance Market, By Premium Type:
    • Regular Premium
    • Single Premium
  • China Health Insurance Market, By Region:
    • South-Central
    • South-West
    • East
    • North-East
    • North-West
    • North
  • Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the China health insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

China health insurance market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

5.    China Health Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type of Insurance Provider Market Share Analysis (Public Vs Private)

5.2.2.     By Type of Coverage Market Share Analysis (Individual Vs Family)

5.2.3.     By Mode of Purchase Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, Others (Insurtech Companies, Third Party, etc.)).

5.2.4.     By Premium Type Market Share Analysis (Regular Premium, Single Premium)

5.2.5.     By Regional Market Share Analysis

5.2.5.1.         South-Central Market Share Analysis

5.2.5.2.         South-West Market Share Analysis

5.2.5.3.         East Market Share Analysis

5.2.5.4.         North-East Market Share Analysis

5.2.5.5.         North-West Market Share Analysis

5.2.5.6.         North Market Share Analysis

5.2.6.     By Top 5 Companies Market Share Analysis, Others (2022)

5.3.  China Health Insurance Market Mapping & Opportunity Assessment

5.3.1.     By Type of Insurance Provider Market Mapping & Opportunity Assessment

5.3.2.     By Type of Coverage Market Mapping & Opportunity Assessment

5.3.3.     By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.4.     By Premium Type Market Mapping & Opportunity Assessment

5.3.5.     By Region Market Mapping & Opportunity Assessment

6.    China Public Health insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type of Coverage Market Share Analysis

6.2.2.     By Mode of Purchase Market Share Analysis

6.2.3.     By Premium Type Market Share Analysis

7.    China Private Health insurance Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Type of Coverage Market Share Analysis

7.2.2.     By Mode of Purchase Market Share Analysis

7.2.3.     By Premium Type Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Rising cost of medical services

8.1.2.     Increasing number of daycare procedures

8.1.3.     Government Initiatives.

8.2.  Challenge

8.2.1.     High cost of insurance premiums

8.2.2.     Lack of awareness

9.    Impact of COVID-19 on China Health Insurance Market

9.1.  Impact Assessment Model      

9.1.1.     Key Segments Impacted

9.1.2.     Key Regions Impacted

10.  Market Trends & Developments

10.1.              Advantages of health insurance policies

10.2.              Increasing healthcare expenditure

10.3.              Increasing online purchase

10.4.              Rising health risks

10.5.              Increasing numbers of health insurance plans.

11.  Porter’s Five Forces Model

11.1.              Competitive Rivalry

11.2.              Bargaining Power of Buyers

11.3.              Bargaining Power of Suppliers

11.4.              Threat of New Entrants

11.5.              Threat of Substitutes

12.  SWOT Analysis

12.1.              Strengths

12.2.              Weaknesses

12.3.              Opportunities

12.4.              Threats

13.  Competitive Landscape

13.1.              Company Profiles

13.1.1.  Ping An Insurance (Group) Company of China Ltd

13.1.1.1.      Company Details

13.1.1.2.      Products

13.1.1.3.      Financials (As Per Availability)

13.1.1.4.      Key Market Focus & Geographical Presence

13.1.1.5.      Recent Developments

13.1.1.6.      Key Management Personnel

13.1.2.  China Life Insurance (Overseas) Company Limited

13.1.2.1.      Company Details

13.1.2.2.      Products

13.1.2.3.      Financials (As Per Availability)

13.1.2.4.      Key Market Focus & Geographical Presence

13.1.2.5.      Recent Developments

13.1.2.6.      Key Management Personnel

13.1.3.  China Pacific Insurance (Group) Co. Ltd.

13.1.3.1.      Company Details

13.1.3.2.      Products

13.1.3.3.      Financials (As Per Availability)

13.1.3.4.      Key Market Focus & Geographical Presence

13.1.3.5.      Recent Developments

13.1.3.6.      Key Management Personnel

13.1.4.  People's Insurance Company of China

13.1.4.1.      Company Details

13.1.4.2.      Products

13.1.4.3.      Financials (As Per Availability)

13.1.4.4.      Key Market Focus & Geographical Presence

13.1.4.5.      Recent Developments

13.1.4.6.      Key Management Personnel

13.1.5.  New China Life Insurance Co., Ltd

13.1.5.1.      Company Details

13.1.5.2.      Products

13.1.5.3.      Financials (As Per Availability)

13.1.5.4.      Key Market Focus & Geographical Presence

13.1.5.5.      Recent Developments

13.1.5.6.      Key Management Personnel

13.1.6.  China Reinsurance (Group) Corporation

13.1.6.1.      Company Details

13.1.6.2.      Products

13.1.6.3.      Financials (As Per Availability)

13.1.6.4.      Key Market Focus & Geographical Presence

13.1.6.5.      Recent Developments

13.1.6.6.      Key Management Personnel

13.1.7.  AIA Group Limited

13.1.7.1.      Company Details

13.1.7.2.      Products

13.1.7.3.      Financials (As Per Availability)

13.1.7.4.      Key Market Focus & Geographical Presence

13.1.7.5.      Recent Developments

13.1.7.6.      Key Management Personnel

13.1.8.  Azuria Life

13.1.8.1.      Company Details

13.1.8.2.      Products

13.1.8.3.      Financials (As Per Availability)

13.1.8.4.      Key Market Focus & Geographical Presence

13.1.8.5.      Recent Developments

13.1.8.6.      Key Management Personnel

13.1.9.  Sino-German Allianz Life Insurance Co., Ltd.

13.1.9.1.      Company Details

13.1.9.2.      Products

13.1.9.3.      Financials (As Per Availability)

13.1.9.4.      Key Market Focus & Geographical Presence

13.1.9.5.      Recent Developments

13.1.9.6.      Key Management Personnel

13.1.10.                HSBC Bank (China) Company Limited

13.1.10.1.    Company Details

13.1.10.2.    Products

13.1.10.3.    Financials (As Per Availability)

13.1.10.4.    Key Market Focus & Geographical Presence

13.1.10.5.    Recent Developments

13.1.10.6.    Key Management Personnel

14.  Strategic Recommendations/Action Plan

14.1.              Key Focus Areas

14.2.              Target Type of Coverage

14.3.              Target Mode of Purchase

15.   About Us & Disclaimer

 (Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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Ping An Insurance (Group) Company of China Ltd, China Life Insurance (Overseas) Company Limited, China Pacific Insurance (Group) Co. Ltd., People's Insurance Company of China, New China Life Insurance Co., Ltd, China Reinsurance (Group) Corporation, AIA Group Limited, Azuria Life, Sino-German Allianz Life Insurance Co., Ltd., HSBC Bank (China) Company Limited are some of the major players operating in the industry.

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Most Chinese adults had some form of health insurance, with only 3.15% uninsured. However, the majority (64.82%) had low-coverage insurance, followed by moderate-coverage (16.70%) and high-coverage (15.33%) insurance. Access to needed healthcare was significantly and positively associated with having health insurance.

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According to the US Institute for Health Metrics and Evaluation's global burden of disease study, strokes are the leading cause of death in China, followed by heart disease, chronic pulmonary disease, and lung cancer. As a result, health insurance is required in the country to cover the medical costs of the conditions.

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Basic public health service package is provided to all Chinese residents free of charge.

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Press Release

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Dec, 2022

Increasing awareness regarding health risks and rising medical costs are the leading factors driving the China health insurance market during the forecast period.

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