What you need to know
The Chinese insurance market has witnessed a number of new developments in the past two years. The sudden trend of going to Hong Kong to buy insurance, insurance companies investing huge amounts in the security market, and a growing number of regulations have all put the market in the spotlight.
Mintel discusses these phenomena and what they mean for insurance companies in this report, through looking into the attitudes and purchasing behaviours of consumers. Other issues including the future of the insurance market, where opportunities lie and how insurers can better compete are also addressed.
Covered in this Report
For the purposes of this Report, the types of insurance products covered are as follows.
Life Insurance, ie the type of insurance contract which pays out a lump sum to the beneficiary should the insured pass away during the term of the contract.
Non-Life Insurance, including but not limited to:
Motor insurance, ie policies that cover the liabilities arising from the use of a vehicle. It includes both comprehensive motor insurance and commercial motor insurance.
Well-being insurance, ie policies that pay out a lump sum to the insured once a certain disease listed in the contract has been diagnosed (eg critical illness insurance); or policies that fully or partially cover costs occurred during the treatment of a disease or other medical condition (eg medical insurance).
Accident insurance, ie the type of insurance contract that provides compensation for accidental injury or death.
Travel insurance, ie policies that cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically.
Education insurance, ie policies designed as a savings tool that provide an amount of money when the policyholder’s child reaches the age for college (normally 18 years old).
Home and contents insurance, ie policies that cover damage to, or loss of policyholder’s home and personal possessions in the home.
Excluded
Reinsurance, ie the insurance purchased by an insurance company as a means of risk management.
Social Security Insurance, ie insurance products that are compulsorily bought per the requirements of the Government.
Market value and market share is calculated based on the total direct premiums received before taking into account reinsurance ceded.
