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In recent years, the Property Insurance market in China has been experiencing significant growth and development. Customer preferences in China are shifting towards comprehensive property insurance coverage to protect their assets from various risks such as natural disasters, theft, and accidents. One of the key trends in the Property Insurance market in China is the increasing demand for online insurance services, with more customers opting to purchase policies through digital platforms for convenience and efficiency. Local special circumstances, such as the rapid urbanization and infrastructure development in China, have led to a greater need for property insurance to safeguard the increasing number of residential and commercial properties in the country. Underlying macroeconomic factors, including the overall economic growth, rising disposable incomes, and government initiatives to promote insurance coverage, are also contributing to the expansion of the Property Insurance market in China.
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)