Industry Analysis & Industry Trends
In 2011, affected by the intensified regulation on life insurance sales in banking channels, the shrinking number of individual insurance sales people and the implementation of new insurance accounting principles, premium income is expected to decline by 7.7% to $152.53 billion. The premium income is expected to be a growth of 8% over the adjusted 2010 data according to the new insurance accounting principles.
Industry revenue increased by 21.9% in 2010 to $165.2 billion as the Chinese economy continues to recover from the negative influences of the global financial crisis and as more people continue to take out various life insurance policies. Further improvement in investment income is also expected to result in increased industry profit during the year.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Life Insurance Providers industry in China is in a growth stage, since it has maintained particularly high annual revenue and asset growth levels in the past several years. The industry has experienced increased competition in recent years and there were many new market entries after China's accession to the WTO. The restructuring of the insurance sector has commenced recently, and restrictions on foreign enterprises were removed in 2004 leading to significant growth in the number of enterprises and remarkable growth of the business of existing players.
The current level of technology and product diversity is still low, although technology upgrades and improvements are being implemented... purchase to read more