Industry Analysis & Industry Trends
A major driver of industry growth in recent years was the Chinese Government's implementation of motor vehicle accident liability compulsory insurance in 2006. All automobiles in China are required to be covered by this insurance and this ruling contributed to strong industry growth in the years that followed.
Industry revenue within the Non-life Insurance Carriers industry in China in 2011 is expected to generate $72.9 billion in revenue, up 15% from 2010, with an annualized growth rate of 23.2% for the past five years.
The number of non-life insurance carrier enterprises is expected to total 56 in the year, showing an increase of 1.8% from 2010, and an average growth rate of 10.5% since 2006.... purchase to read more
Industry Report - Industry Investment Chapter
Insurers within the industry have been investing substantially in branch networks. They usually establish offices in central cities and therefore require large amounts of capital to purchase or rent real estate. The entry of foreign insurers intensified industry competition in recent years. Many non-life insurers have been developing second-tier markets to increase their market share. Capital requirements increased with the rising number of establishments.
A large number of employees are required in the industry. Total wages are expected to account for 3.3% of industry revenue in 2011, excluding commissions paid to insurance brokers and agents. The majority of staff within the industry is sales people, whose incomes mainly rely on sales commissions... purchase to read more