Market share of Chinese online personal insurance platforms 2021

In 2021, Guohua Life's insurance had a market share of 8.7 percent in the Chinese online personal insurance market. Their insurance premiums amounted to almost 26 billion yuan in the same year. Guohua Life is one of China's largest online personal insurers together with China Post Life Insurance and ICBC Axa Life.

Old versus new

The personal insurance side of the online insurance segment is in the hands of the old guard, whereas in the property insurance was now led by the startup ZhongAn that with the use of artificial intelligence, big data, and machine learning made pricing more efficient and was able to undercut the competition. Over the past four years, the company was able to quadruple its revenue.

A piece of the pie

While insurtech startups certainly disrupt the industry, traditional companies do not seem to be forgoing any of their turfs. Therefore, they invest in their insurtech capabilities as well as invest in startups themselves. The insurance platform WeSure is a good example of how established companies support new companies. Not only is WeSure an offspring of Tencent and deeply embedded into the company’s financial ecosystem, but also has close cooperation with traditional insurance companies PICC, PingAn, and Taikang Life.