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Over the past decade, the Life insurance market in China has experienced significant growth and transformation. Customer preferences in the Chinese Life insurance market have been shifting towards more comprehensive coverage options, including retirement savings and health-related policies. This change is driven by an aging population and increasing awareness of the importance of financial planning for the future. Trends in the market show a rise in digitalization and online distribution channels for Life insurance products in China. Insurers are leveraging technology to reach a wider customer base and provide more personalized services. Additionally, there is a growing demand for innovative products that offer flexibility and customization to meet individual needs. Local special circumstances in China, such as the government's push for financial inclusion and regulatory reforms to improve market transparency, have also influenced the development of the Life insurance sector. These factors have created a more competitive landscape and encouraged insurers to enhance their product offerings and customer service. Underlying macroeconomic factors, such as steady economic growth, rising disposable incomes, and a growing middle-class population, have provided a favorable environment for the expansion of the Life insurance market in China. As more people seek to protect their financial well-being and secure their future, the demand for insurance products is expected to continue growing in the coming years.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)