The Chinese insurance industry has experienced rapid expansion over the past decade, with annual life-insurance premiums growing from 10 billion U.S. dollars in 1999 to 46 billion U.S. dollars in 2006.
In addition to steadily increasing demand, two major supply-side trends have encouraged the development of the industry: (1) under the World Trade Organization (WTO) framework, the Chinese government lowered entry barriers to foreign insurers, allowing them to establish joint-venture insurance firms in China; and (2) domestic insurers strengthened themselves through initial public offerings and other market developments. (For example, China Life Insurance at one point became the second largest insurance company in the world in terms of market capitalization although the value has kept declining since the stock market peak of 2008.)
As of 2007, China had 100 insurance companies, 59 of which are domestic-funded and the rest 41 are foreign-funded. And five Chinese insurance companies including the People's Insurance Company of China, China Life Insurance, Ping An Insurance Company of China, China Insurance International Holdings Co., Ltd. (CIIH) and China Pacific Insurance have listed at home and abroad.
China Life Insurance had about a 50% share of the life insurance market; Ping An Life Insurance and Ping An Property Insurance share 16% and 12% of corresponding insurance markets, respectively ranking 2nd and 3rd.
Chinese insurers namely China Life Insurance, Ping An Insurance, People's Insurance Company of China and China Pacific Insurance were the first wave of insurers to go public. In December 2011, New China Life began a second wave of IPOs for smaller tier 2 insurers.
In Jan-May 2007, the increased insurance assets reached RMB 450 billion, without calculation the value-added of substantive financial assets. At present, the gross assets of China Life Insurance have outnumbered RMB 1 trillion. And the total capital of the whole insurance industry has exceeded RMB 200 billion, 5.6 times that of 2002.
During the first three quarters of 2009 China's insurance companies had generated profits 36.9 billion RMB of which the seven largest insurers accounted for 90% of these profits.
Despite all this growth the industry is still considered in its infancy stage when looking at China's insurance penetration compared to its peers in the rest of Greater China and Asia.
Video Insurance industry in China
Organizations
- Insurance Association of China (IAC)
The IAC represents the collective interests of the China's insurance industry. The Association speaks out on issues of common interest; helps to inform and participate in debates on public policy issues; and also acts as an advocate for high standards of customer service in the insurance industry. IAC has four working committees which are Life Insurance Working Committee, General Insurance Working Committee, Insurance Agency & Broker Working Committee, Actuarial Working Committee.
- The Insurance Institute of China (IIC)
The IIC is the nationwide academic association for research and policy analysis in insurance industry. It offers two publications: Insurance Information (Biweekly) and Insurance Studies (Monthly)
Maps Insurance industry in China
List
This is a list of major insurance companies in China.
Big Five
- China Taiping Insurance Holdings (formerly China Insurance International Holdings Company)
- China Life Insurance Company
- China Pacific Insurance
- People's Insurance Company of China (PICC Property and Casualty Company Limited)
- Ping An Insurance
Others
- Minsheng Life Insurance
- Aegon Life Insurance Co., Ltd
- Anbang Property and Casualty Insurance Co., Ltd
- China Continent Property and Casualty Insurance Co., Ltd
- China United Property Insurance Company (taken over by CIRC)
- China Export & Credit Insurance Corporation
- Great Wall Life Insurance Co., Ltd / Nippon Life
- Generali China Life Insurance Co., Ltd
- Huatai Insurance Company of China, Limited
- Manulife-Sinochem Life Insurance Co., Ltd
- New China Life Insurance Company Limited
- Sino Life Insurance Co., Ltd / Tokio Marine
- Sun Life Everbright Life Insurance Co., Ltd
- Sunshine Property and Casualty Company Limited
- Taikang Life Insurance Company Limited
- Tianan Insurance Company Limited
- Yong An Insurance Co., Ltd
See also
- Chinese Institute of Certified Public Accountants
- List of insurance companies in Hong Kong
- List of asset management companies of the People's Republic of China
- China Securities Journal
General insurance topics:
- Casualty insurance
- Health insurance
- History of insurance
- Insurance
- Life insurance
Insurance systems in other countries:
- Insurance in Australia
- Insurance in India
- Insurance in the United States
References
- Top 10 Insurance Companies in China
- Chinese Insurers Book ¥37b in Earnings through Oct
Organizations
- Insurance Association of China (IAC)
- The Insurance Institute of China (IIC)
- China Association of Actuaries (CAA)
- China Institute for Actuarial Science (CIAS)
Information
- China Insurance News
- http://www.china-insurance.com
- http://www.sinoins.com
- http://www.chinabx.com
- http://www.51actuary.com
- http://www.cnpension.net
Source of the article : Wikipedia
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