Overview

IBISWorld’s Life Insurance Providers market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

REPORT SNAPSHOT

Industry Analysis & Industry Trends

Over the five years through 2016, the Life Insurance Providers industry in China grew at an annualized rate of 14.5% to $337.9 billion. There are about 76 enterprises operating in the industry employing 1.19 million workers with an estimated payroll of $15.3 billion.

Industry performance has been volatile over the period, with premium income growth declining 10% in 2011. In 2011, the industry was constrained by intensified regulations on life insurance sales in banking channels, the shrinking number of individual insurance sales people and the implementation of new insurance accounting principles.

In 2013, revenue was estimated to grow 6.7%...

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Industry Report - Industry Key Buyers Chapter

Within the Life Insurance Providers industry in China, the top four major players account for an estimated 44% of total premium income in 2016. China Life alone accounts for over 20.2% of industry premium income in 2016.

The concentration level has been decreasing, particularly after 2004 when the market was opened to foreign capital and the number of enterprises increased.

New market players, mostly foreign insurance carriers with solid financial background and technology, and management expertise, have become strong competitors and have been steadily gaining market share. This has also contributed to the decreasing level of overall industry concentration.

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Additional Insights for the Life Insurance Providers Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Life Insurance Providers Industry are

  • Financial position of the company
  • Having an extensive distribution/collection network
  • Development of new products
  • IBISWorld analysts also discuss how external factors such as Workforce - Size and Growth and Interest Rates - Bonds in the Life Insurance Providers industry impact industry performance..

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    Industry Products

    What is the Life Insurance Providers Industry?

    The Life Insurance Providers industry in China comprises establishments primarily engaged in underwriting (i.e. assuming the risk and assigning premiums) annuity products, individual and group life insurance policies, health insurance policies and accidental death insurance policies.

    Industry Products
    Participating profit life insurance
    Common life insurance
    Health insurance
    Universal type life insurance
    Accident insurance
    Investment-linked life insurance
    Industry Activities
    Individual life insurance provision
    Group life insurance provision
    Annuity product provision
    Long-term health insurance provision
    Accident insurance provision
    Whole life insurance provision
    Term life insurance provision
    Endowment life insurance provision
    Participating profit life insurance provision
    Universal type life insurance provision

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Workforce - Size and Growth
  • Interest Rates - Bonds
  • Stock Market Performance
  • Average Age of Population
  • Per Capita Disposable Income

  • Current Performance
  • Chart: Revenue Growth

  • Industry Outlook
  • Table: Life Insurance Providers Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Life Insurance Providers Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Insurance Brokers & Adjusters

  • Key Selling Industries
  • Information Transmission, Computer Services and Software

  • Products & Services
  • Common life insurance
  • Participating profit life insurance
  • Health insurance
  • Accident insurance
  • Universal type life insurance
  • Investment-linked life insurance
  • Chart: Life Insurance Providers Industry Products and Services Segmentation

  • Demand Determinants
  • High savings rate
  • Increasing disposable incomes
  • Low risk awareness
  • Low insurance coverage
  • Industry reforms
  • Natural disaster occurrence

  • Major Markets
  • Individual insurance salespeople
  • Banks and postal savings offices
  • Group insurance enterprises
  • Professional insurance agents
  • Chart: Major Market Segmentation for the Life Insurance Providers Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims and insurance liability funds
  • Commissions
  • Rent
  • Other costs
  • Chart: Cost Structure Benchmarking – Sector vs Life Insurance Providers

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Life Insurance Providers Industry

  • Industry Globalization
    Major Companies
    China Life Insurance Company LimitedPing An Insurance (Group) Company of China, Ltd.China Pacific Insurance (Group) Co., Ltd.New China Life Co., Ltd.Taikang Life Insurance Co., Ltd.American International Assurance
  • Table: China Life Insurance Company Limited - financial performance
  • Table: Ping An Insurance (Group) Company of China, Ltd. - financial performance
  • Table: China Pacific Insurance (Group) Co., Ltd. - financial performance
  • Table: New China Life Co., Ltd. - financial performance
  • Table: Taikang Life Insurance Co., Ltd. - financial performance
  • Table: American International Assurance - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Life Insurance Providers Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Life Insurance Providers Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Total Assets (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Annuity
  • An insurance product in which a life insurance company makes a series of payments in the future to the buyer in exchange for the immediate payment of premiums, prior to its onset.
  • Bancassurance
  • The selling of insurance and related products via a bank's branches engaged in a partnership with an insurance company.
  • Life Insurance
  • A contract between a policy owner and a life insurance carrier, where the life insurance carrier agrees to compensate upon the policy owner's death or other event, eg a terminal or critical illness.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
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    This report on Life Insurance Providers:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Life Insurance Providers market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Life Insurance Providers, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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