China: insurance purchasing channels by income 2021

In a survey conducted in China in 2021, offline outlets and agents continued to be the most popular sources of buying insurance, with more than 60 percent of respondents confirming this. More than 40 percent of respondents from high-income and higher-middle income groups said they bought insurance through online channels of conventional insurance providers. Meanwhile, over 30 percent of respondents from high-income and higher-middle income clusters said they bought insurance from digital insurance providers.

Consumers' insurance buying channels in China as of August 2021, by income

Characteristic	High income	Higher-middle income	Lower-middle income	Low income
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Release date

November 2021

More information

Region

China

Survey time period

August 2021

Number of respondents

3,155 respondents

Age group

20-60 years

Special properties

multiple-choice question; among residents from Tier-1 to Tier-5 cities

Method of interview

Questionnaire

Supplementary notes

High income: monthly household's after-tax income of 26,000 yuan and above.
Higher-middle income: monthly household's after-tax income of 14,000 to 25,999 yuan.
Lower-middle income: monthly household's after-tax income of 7,000 to 13,999 yuan.
Low income: monthly household's after-tax income of 6,999 yuan and below.

One yuan equals 0.15 U.S. dollars and 0.14 euros (as of May 2022).

Among all respondents, high-income households accounted for 26 percent, higher-middle income occupying 48 percent, lower-middle income occupying 21 percent and low income representing five percent.

Purchasing channels: based on consumer’s perception of insurance buying channels in interviews.

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